๐ Bitcoin Price Watch: Consolidation Signals a Big Move Ahead
๐น BTC is trading near $59,250, up +0.8% in the last 24 hours, as price action remains tightly range-bound between $58,500โ$60,200. This sideways movement has compressed volatility to multi-week lows, often a precursor to a sharp breakout.
๐ On-chain metrics show declining exchange reserves, suggesting investors are moving coins into cold storage โ a bullish signal. Meanwhile, derivatives data indicates funding rates near neutral, hinting at balanced sentiment between bulls and bears.
๐ Traders are watching the $60K resistance for a breakout toward $62,500, while a downside breach below $58K could trigger a drop to $55,800.