According to him, the market is in a consolidation phase, during which a range is formed and liquidity accumulates. In such conditions, selling pressure decreases, and market participants prepare for the next move.
"A prolonged sideways range is a normal phase for the market after strong movements. It allows for the 'digestion' of the previous rise and forms a base for the next bullish stage," noted the analyst.
He added that the key signal will be the price reaction when attempting to break out of the current range. A hold above the $70,000 level may confirm readiness for growth, while failure to hold above it will indicate continued uncertainty.
Earlier, Michaรซl van de Poppe noted that after the decline in February $BTC it forms higher lows, which may indicate strengthening of the market structure.