Bitcoin Weekly Forecast: BTC’s rangebound movement leaves traders confused

Bitcoin price consolidation offers no insight into the directional bias. A potential retracement to below $60,000 could be a good buying opportunity ahead of the fourth halving. On-chain metrics show that the long-term bullish outlook remains intact. Bitcoin price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.

The theoretical reasoning beyond this behavior can be attributed to the negative supply shock created due to the reduction in supply while the demand remains the same. BTC Halving Read more:BRC-20 tokens to watch out for Bitcoin halving Macroeconomic events: The macroeconomic outlook also plays an important role in Bitcoin price discovery. With interest rates remaining higher for longer, capital is likely to rotate into relatively safer assets.

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