- The price of Bitcoin has been trading sideways in a tight range since January 8.
- The digital asset expects a clear breakout to the upside or a quibre to the downside as the range continues to narrow.
Bitcoin has been trading within a tight range after setting a new all-time high at $ 41,950. The digital asset plunged to $ 30,420 and then formed a lower high at $ 40,100 followed by what appears to be a higher low at $ 33,850.
Bitcoin price on the verge of a massive move
Bitcoin price has established a symmetrical triangle pattern on the 4-hour chart and awaits a clear breakout or breakout. As the overall trend is bullish, a breakout to the upside seems more likely, which could quickly push the price of Bitcoin to 50.000$.
BTC / USD 4-hour chart
He number of internal Bitcoin exchanges has continued to fall since it reached 10.56% on January 4, as it currently stands at around 10.3%, indicating that investors are not interested in selling the digital asset.
BTC within exchanges
Similarly, the number of whales has grown since early 2021 despite the wild fluctuations in the value of Bitcoin. This metric also indicates that large investors have continued to accumulate more BTC as they expect its price to rise further.
BTC holder distribution
Despite all the bullish metrics on the chain, it is entirely possible for Bitcoin price to fall below crucial support level at $ 33,863 and aim for a minimum of $ 26,000.
IOMAP BTC chart
The In / Out of the Money Around Price (IOMAP) chart indicates that losing an essential support area between $ 35,000 and $ 36,000 could definitely push the asset price towards $ 33,863 and lower as support on the way down is weak .
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