Bitcoin Consolidation Could Trigger Explosive $120K Rally
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Bitcoin sellers put a cap on $112,000, but technical, onchain data and the end of October US macroeconomic calendar suggest that the price compression will trigger a violent expansion.
ETF inflows and spot accumulation by retail and institutional investors highlight the belief that Bitcoin trades at a discount.
Next week’s US macroeconomic calendar events should bring a resolution to a handful of fear catalysts that are suppressing prices across the crypto market.
Bitcoin traders spent a majority of the week in contention as sellers capped each price breakout at $112,000 and buyers stepped in to defend all dips to the $107,000 to $108,000 zone.
Some analysts have expressed concern at BTC’s inability to hold prices above $112,000 and its frequent revisits to the range lows, but the range compression shown by the four-hr and daily higher lows and lower highs (candlestick chart below) could be a positive sign.
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