Bitcoin Faces a Tug-of-War as Whales Accumulate and Bearish Signals Build
- Bitcoin has traded sideways for more than two months amid diminishing trading volume.
- Two experts offered contrasting projections for Bitcoin’s next direction.
- On-chain data reveal large and small Bitcoin holders have diverging approaches.
Bitcoin has traded within the $57,500 – $67,300 horizontal channel for over two months, reflecting a sideways trend that left users indecisive about the cryptocurrency’s next direction. The channel has narrowed into a triangular structure since the third week of July, with the digital asset’s trading volume declining steadily.
However, the narrowing price structure leaves Bitcoin vulnerable to a sharp move, with a breakdown remaining one possible outcome.
Bitcoin’s Downward Potential
Peter Brandt, CEO of global trading firm Factor, believes the current Bitcoin outlook favors further downward…
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