We explain why Bitcoin is stuck in a narrow range and why many investors believe that the cryptocurrency has every chance of resuming its growth.
For over a month, the cryptocurrency Bitcoin has been trading in the range of $74,533-$88,754. Since April 12, the movement range of BTC has narrowed to $82,798-$86,500. Participants in the crypto community are sharing their assumptions about why the cryptocurrency is stuck in a narrow range and what Bitcoin needs to continue its growth.
The popular analyst in the crypto community, Doctor Profit, pointed out that clear support and resistance levels can be seen on the cryptocurrency chart, which narrowed down by mid-April. The analyst refers to the support as the 'golden line' because BTC has repeatedly bounced off it. In his opinion, Bitcoin will continue to attempt to break through the resistance, and one day it will succeed. Immediately after the breakthrough, Doctor Profit is confident that the long-awaited growth phase will begin.
Meanwhile, the Bitcoin fear and greed index remains in the red zone. Its indicators have worsened compared to last week's results. The changes indicate a growing doubt among investors about an improvement in BTC's situation in the near future.
