Bitcoin is currently going through a phase of cautious anticipation, as it remains confined to a narrow trading scope that has started more than two weeks ago, without decisive move towards climbing or landing.
This situation reflects a state of hesitation in the market, as none of the buyers or sellers succeeded in imposing its entire control, and the price continues to move between the levels of support and main resistance without showing strong indicators on accumulation or distribution.
The “Heat Macro Phase” index reflects the market neutrality
According to new data from Cryptoquant, the “Heat Macro Phase” index – which measures the temperature of the Bitcoin market at the total level – is currently to a neutral area.
This indicator combines several major data, including profit reaping activity, ETF funds, and the pressure pressure from Bitcoin holders in the long term, to provide a simplified and comprehensive vision about the market site in the economic cycle.
Currently, the index records 44%AD, a point in the middle of the range, which reflects a clear balance between the forces of purchase and sale, and there is no conclusive evidence for one of the parties to the control of one of the parties, at a time when profit reaping is still moderate, and slow investment funds.
Also, the activity of Bitcoin holders in the long run is relatively stable, which supports the idea that the market is going through a “waiting and anticipation” stage before taking a clear path.
Production cohesion enhances the possibility of a large movement
Bitcoin is currently trading near the level of 118,269 dollars within a clear horizontal range limited by strong resistance at 122,077 dollars and solid support at 115,724 dollars.
This continuous cohesion in the same region reflects more than two weeks, a state of uncertainty that controls traders, as everyone awaits a strong signal to determine the direction of the next movement.
Despite the recent trading volumes, the moving averages (50, 100 and 200 days) appear in a upward trend, indicating that the general structure of the market is still tending to positive, and the current price is higher than all these averages, which act as dynamic support, but the absence of momentum confirms that the market lacks a clear conviction.
The expected scenarios have become specific to the level of 122 thousand dollars with a strong trading volume that may push Bitcoin towards new historical peaks, while breaking the level of 115 thousand dollars a downward may lead to a wider correction wave.
