$BTC
has been experiencing a period of significant volatility. After reaching an all-time high, the cryptocurrency has seen some notable corrections, leading to a more cautious sentiment among investors.
Looking at the charts, BTC has been trading within a defined range. Key support levels have been tested multiple times, and the ability to hold these levels will be crucial for any potential upward movement. Resistance levels, on the other hand, are proving to be strong barriers that need to be broken for a bullish trend to resume.
On-chain metrics suggest a mixed bag. While long-term holders appear to be accumulating, there's also an increase in short-term selling pressure. Funding rates in perpetual futures markets have been fluctuating, indicating uncertainty among traders.
Overall, the market is in a state of consolidation. Traders are closely watching for a decisive break out of the current range, which could signal the next major move for Bitcoin.
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