$BTC

BTC Moves Sideways Again – Accumulating for a Major Breakout?

Bitcoin today continues to fluctuate around the 94,000 USD mark, repeating a price range that has remained almost unchanged for the past week. This is a sign that the market is in a tight accumulation phase, as supply and demand are reaching a temporary state of balance.

The sideways movement after a previous uptrend is often a 'momentum building' phase for the market to prepare for a strong breakout – either up or down. However, with the favorable macro context such as expectations for new ETFs, tax policies from the US, and stable institutional money flow, the likelihood of a breakout in the upward direction is supported by many analysts.

Additionally, the current market sentiment remains in a state of moderately optimistic, neither too FOMO nor pessimistic, which is an ideal condition for BTC to establish a new price floor if it can break through the resistance around 95k-96k.

If BTC holds this price range for a few more days, we may very well witness a sudden acceleration in May.