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Bitcoin, the largest cryptocurrency has been stuck in a tight range between $93,000 and $100,000 for nearly the last three weeks, showing no clear direction. Perhaps Crypto analyst CrypNuevo has shared his latest insights, highlighting key levels that could determine Bitcoin’s next move. With a key U.S. event this week, bitcoin prices could see massive volatility.
Bitcoin’s Price Stuck in a Range
Over the past few weeks, Bitcoin has been stuck in a tight trading range, making it difficult for traders to predict its next move. Meanwhile, CrypNuevo points out that the liquidations data helped secure a strong trade last week, with Bitcoin bouncing from $93,300 to $99,000.
This trade worked well because of liquidation data, which showed where traders stop-losses and forced sell-offs were happening.
However, the current situation is different. Now, there are similar amounts of liquidations on both sides, meaning Bitcoin could move up or down with no clear direction yet.
Key Levels to Watch
Based on current data, CrypNuevo identifies two crucial support levels;
$94,700 – $95,000: The first potential bounce area lies between $94,700 and $95,000, this area has strong liquidity, meaning many traders have placed stop-loss orders, and buy limit orders create strong liquidity.
$92,500 – If Bitcoin fails to hold this zone, the next key level at $92,500 could come into play, as higher timeframe (HTF) liquidations are concentrated there.
What’s Next For BTC?
However, crypNuevo warns that while this level holds importance, it’s uncertain how many high-time-frame liquidations are still active. Because of this, he prefers short-term liquidations for trading decisions.
With major economic events taking a backseat this week, traders will closely watch these critical support levels for the next move.
As of now, Bitcoin is trading around $95,800, showing a slight decline, with its market cap reaching approximately $1.89 trillion.