The price of bitcoin remained in a tight range on Monday, a trend that has been since November.
Bitcoin (BTC) was trading at $ 96,500, where it has been hovering for the last few days. The price is about 12% below its highest level this year.
Bitcoin has said amid concerns that the Federal Reserve will maintain a Hawkish stance as inflation remains more. Last week data showed that the Headline Consumer Price Index increased to 3.0% in January, marking its highest level in months.
The labor market also showed strength, in which the unemployment rate fell from 4.2% in December to 4.1% in January. A combination of high inflation and low unemployment suggests that Fed will not hurry to cut interest rates.
The price of bitcoin also remains a range-bound as crypto investors live on the shore. A prominent example of this is the performance of Spot Bitcoin ETF, which has seen a total performance of millions of dollars in the last two weeks.
Bitcoin price technology indicates an increase
BTC’s technical indicators suggest that the bitcoin may be further reversed after the end of this consolidation phase. An important factor is that bitcoin has held above the significant support level at $ 90,560 in recent weeks.
Additionally, bitcoin remains above 50-week and 100-week moving average-a rapid signal in trend analysis.
BTC has also created a cup and handle pattern, with the upper resistance level $ 68,720. The depth of this formation is approximately 78%, indicating more than $ 122,000 to a potential rebound.
In addition, bitcoin has developed a rapid flag chart pattern, which features a long vertical rally, followed by a consolidation. These technical indicators suggest a strong rapid breakout over the long term. An analyst, with citing a reference The bullish flag pattern, predicting the potential growth for $ 148,000.
