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Bitcoin has been trading in a narrow area, spending approximately 150 days within a $5,000 price corridor. Research and data analyst James Van Straten from the crypto analysis firm CryptoSlate’s new analysis reveals the characteristic behavior of Bitcoin’s price. Bitcoin saw its highest levels in two years in 2024 but could not sustain or trigger a broader price trend with the low levels of $38,500.
Bitcoin Continues to Trade in This Range
BTC/USD pair settled into a trading range just $5,000 wide. Considering the daily closing levels, the largest cryptocurrency has remained tightly bound to this range for nearly 150 days as of February 2. Van Straten commented on the matter:
“Looking deeper, price analysis in increments of $5,000 reveals a pattern. Bitcoin has been trading in the price range of $40,000 to $44,999 for 146 days. This period has recently surpassed the previous duration of about 138 days in the $35,000 to $39,999 range.”
Van Straten points out that while such price movements may be frustrating for both bulls and bears, they are not actually unusual. When looking at the time Bitcoin spends in various $10,000 price processes, it’s evident that these intermittent pauses can last much longer:
“When evaluating price increases from the $10,000 level up to $49,999, it becomes apparent that Bitcoin typically trades within these ranges for a period of 100 to 250 days. Therefore, the current sideways price movement is consistent with Bitcoin’s historical trading patterns and can be considered characteristic behavior rather than an anomaly.”
Noteworthy Developments for Bitcoin
The lack of a continuous rise following the launch of spot Bitcoin exchange-traded funds (ETFs) has led market commentators to temper their expectations for Bitcoin’s price. With just over two months until the block rewards are halved, the popular opinion now suggests that Bitcoin may only regain upward momentum months later.
Until then, familiar levels should continue to shape the landscape. Michaël van de Poppe, founder and CEO of MN Trading, stated in one of his latest posts on X:
“My theory about Bitcoin remains the same. As I’ve been mentioning for about 2 months, I still expect a trend bound to the region between $38,000 and $48,000. A short-term correction followed by a slight pre-halving rally towards $48,000 seems likely.”
Bitcoin halving event is eagerly anticipated due to its impact on supply dynamics, while in the background, ETF products are beginning to withdraw assets from the market at a rate calculated to be ten times faster than the daily new supply.
