Bitcoin price may surge as fear as well as uncertainty strain worldwide markets.

Despite Bitcoin‘s online sentiment being at a two year low, analytics say that BTC may be on the verge of a breakout.

The global economic climate does not appear to be in a quality place at this time, particularly with destinations including the United Kingdom, France and Spain imposing fresh, new restrictions throughout the borders of theirs, therefore making the future economic prospects of many local entrepreneurs even bleaker.

So far as the crypto economic climate goes, on Sept. 21, Bitcoin (BTC) fallen by nearly 6.5 % to the $10,300 mark after owning stayed place around $11,000 for a few weeks. However, what’s intriguing to note this time around will be the point that the flagship crypto plunged around value simultaneously with gold and also the S&P 500.

From a technical standpoint, a rapid appearance on the Cboe Volatility Index shows that the implied volatility of the S&P 500 during the above mentioned time window increased quite dramatically, rising higher than the $30.00 mark for the first time in a period of around two months, leading numerous commentators to speculate that another crash comparable to the one in March could be looming.

It bears bringing up that the $30 mark serves as an upper threshold for your occurrence of world-shocking functions, like wars or perhaps terrorist attacks. Or else, during periods of consistent market activity, the sign stays put around twenty dolars.

When looking at gold, the special metal has additionally sunk seriously, hitting a two-month minimal, while silver saw its the majority of significant price drop in nine seasons. This waning interest in gold has led to speculators believing that folks are once more turning to the U.S. dollar as a monetary safe haven, especially since the dollar index has maintained a relatively strong position against various other premier currencies such the Japanese yen, the Swiss franc along with the euro.

Speaking of Europe, the continent as a whole is now facing a potential economic crisis, with numerous countries working with the imminent threat of a large recession due to the uncertain market situations which had been brought on by the COVID 19 scare.

Is there much more than meets the eye?
While there has been a distinct correlation in the price activity of the crypto, orange and S&P 500 market segments, Joel Edgerton, chief functioning officer of crypto exchange bitFlyer, highlighted in a discussion with Cointelegraph that when in contrast with other assets – like precious metals, stock alternatives, etc. – crypto has displayed far greater volatility.

Particularly, he pointed out that the BTC/USD pair has been vulnerable to the movements on the U.S. dollar , as well as to any considerations related to the Federal Reserve’s possible approach shift in search of to spur national inflation to above the 2 % mark. Edgerton added:

“The price movement is generally driven by institutional businesses with list users continuing to purchase the dips and accumulate assets. A key point to watch is the probable effect of the US election and if that changes the Fed’s result from its current incredibly accommodative stance to a much more regular stance.”
Finally, he opined that any alterations to the U.S. tax code may also have an immediate impact on the crypto industry, particularly as various states, in addition to the federal federal government, continue to remain on the lookout for more recent tax avenues to compensate for the stimulus packages that have been doled by the Fed substantially earlier this year.

Sam Tabar, former dealing with director for Bank of America’s Asia Pacifc region and co-founder of Fluidity – the tight behind peer-to-peer trading platform Airswap – believes that crypto, as an asset category, continues to continue to be misunderstood and mispriced: “With time, people will become increasingly far more conscious of the digital advantage area, and this sophistication will reduce the correlation to standard markets.”

Could Bitcoin bounce back?
As part of its most recent plunge, Bitcoin ceased within a price point of around $10,300, leading to the currency’s social networking sentiment slumping to a 24 month small. Nevertheless, unlike what one might believe, based on data released by crypto analytics firm Santiment, BTC tends to notice a huge surge whenever web based sentiment close to it’s hovering in FUD – fear, uncertainty and doubt – territory.

Market Wrap: Bitcoin Sticks to $10.7K; DeFi Site dForce Doubles TVL in 24 Hours

Buying volume is pushing bitcoin higher. Meanwhile, DeFi investors keep on to seek places to park crypto for constant yield.

  • Bitcoin (BTC) is trading roughly $10,730 as of 20:30 UTC (4:30 p.m. EDT). Gaining 0.50 % over the preceding 24 hours.
  • Bitcoin’s 24 hour range: $10,550-$10,795.
  • BTC above its 10-day and 50-day moving averages, a bullish signal for advertise specialists.

Bitcoin’s price managed to cling to $10,700 territory, rebounding from a bit of a next, dip following your cryptocurrency rallied on Thursday. It was changing hands around $10,730 as of press time Friday

Read more: Up five %: Bitcoin Sees Biggest Single-Day Price Gain for 2 Months

He cites bitcoin’s difficulty as well as mining hashrate hitting all-time highs, along with heightened economic uncertainty in the face of rising COVID 19. “$11,000 is the only screen to a parabolic run towards $12,000 or higher,”.

Neil Van Huis, mind of institutional trading at liquidity provider Blockfills, said he is just happy bitcoin has been equipped to stay over $10,000, which he contends feels is a key price point.

“I believe we’ve observed that evaluation of $10,000 hold which keeps me a level-headed bull,” he said.

The very last time bitcoin dipped under $10,000 was Sept. nine.

“Below $10,000 tends to make me worried about a pullback to $9,000,” Van Huis included.

The weekend should be relatively calm for crypto, according to Jason Lau, chief running officer for cryptocurrency exchange OKCoin.

He pointed to open interest in the futures market place as the source of that assessment. “BTC aggregate open fascination is still flat despite bitcoin’s immediately cost gain – no one is opening brand new opportunities within this price level,” Lau noted.

Stock Market Crash – Dow Jones On the right track To Record Four Consecutive Weeks Of Losses. Has The Bubble Burst For The U.S. Stock Market?

The U.S. stock market is actually set to record one more brutal week of losses, not to mention there’s no doubting that the stock market bubble has today burst. Coronavirus cases have started to surge doing Europe, and one million people have lost their lives worldwide because of Covid-19. The question that investors are actually asking themselves is actually, how low can this particular stock market potentially go?

Are Stocks Going Down?
The short answer is yes. The U.S. stock market is actually on the right track to shoot its fourth consecutive week of losses, and also it seems like investors and traders’ priority these days is to keep booking earnings before they see a full-blown crisis. The S&P 500 index erased all of its annual gains this week, plus it fell directly into bad territory. The S&P 500 was capable to reach its all-time excessive, and it recorded two more record highs before giving up almost all of those gains.

The point is actually, we haven’t noticed a losing streak of this particular duration since the coronavirus sector crash. Saying this, the magnitude of the current stock market selloff is still not so powerful. Keep in mind that back in March, it took just 4 days for the S&P 500 as well as the Dow Jones Industrial Average to capture losses of more than 35 %. This time about, the two of the indices are done roughly ten % from the recent highs of theirs.

Overall, the Dow Jones Industrial Average is down by 6.04 % year-to-date (YTD, the S&P 500 has declined by 0.45 % YTD, as the Nasdaq NDAQ +2.3 % Composite remains up 24.77 % YTD.

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What Has Led The Stock Market Sell-off?
There’s no question that the present stock selloff is mostly led by the tech industry. The Nasdaq Composite index pressed the U.S stock market out of the misery of its following the coronavirus stock market crash. However, the FANGMAN stocks: Facebook, Apple AAPL +3.8 %, Netflix NFLX +2.1 %, Google’s GOOGL +1.1 % Alphabet, Microsoft MSFT +2.3 %, Amazon AMZN +2.5 % in addition to Nvidia NVDA +4.3 % are actually failing to keep the Nasdaq Composite alive.

The Nasdaq has recorded three weeks of consecutive losses, and it is on the verge of recording far more losses for this week – which will make four days of back-to-back losses.

What’s Behind the Stock Market Crash?
The coronavirus situation in Europe has deteriorated. Record cases throughout Europe have set hospitals under stress once again. European leaders are actually trying their best once again to circuit-break the trend, and they’ve reintroduced some restrictive measures. On Thursday, France recorded 16,096 fresh Covid-19 cases, and the U.K also observed the biggest one day surge of coronavirus cases since the pandemic outbreak began. The U.K. reported 6,634 brand-new coronavirus cases yesterday.

However, these sorts of numbers, along with the restrictive steps being imposed, are just going to make investors more plus more uncomfortable. This is natural, since restricted steps translate straight to lower economic exercise.

The Dow Jones, the S&P 500, moreover the Nasdaq Composite indices are chiefly neglecting to keep their momentum because of the increasing amount of coronavirus situations. Of course, there is the risk of a vaccine because of the tail end of this season, but additionally, there are abundant challenges ahead for the manufacture and distribution of this sort of vaccines, at the necessary amount. It’s likely that we may continue to see this selloff sustaining in the U.S. equity market place for a while yet.

What Could Stop the Current Selloff of U.S. Stocks?
The U.S. economy have been long awaiting another stimulus package, as well as the policymakers have failed to deliver it very far. The initial stimulus program consequences are approximately over, in addition the U.S. economy demands another stimulus package. This specific measure can possibly overturn the present stock market crash and thrust the Dow Jones, S&P 500, as well Nasdaq up.

House Democrats are actually crafting another roughly $2.4 trillion fiscal stimulus package. Nevertheless, the task will be bringing Senate Republicans as well as the Truly white House on board. Hence , much, the track record of this shows that yet another stimulus package isn’t likely to turn into a reality anytime soon. This could easily take several weeks or perhaps weeks prior to to become a reality, in case at all. Throughout that time, it is very likely that we may continue to watch the stock market sell off or perhaps at least will begin to grind lower.

What size Could the Crash Get?
The full blown stock market crash hasn’t even started yet, and it is not likely to take place given the unwavering commitment we have noticed as a result of the fiscal and monetary policy side in the U.S.

Central banks are ready to do anything to cure the coronavirus’s present economic injury.

Having said that, there are some important cost amounts that all of us should be paying attention to with admiration to the Dow Jones, the S&P 500, and the Nasdaq. All of those indices are actually trading beneath their 50 day basic moving typical (SMA) on the day time frame – a price tag level which typically marks the first weak spot of the bull direction.

The next hope is that the Dow, the S&P 500, and the Nasdaq will stay above their 200 day basic carrying typical (SMA) on the day time frame – the most critical cost amount among technical analysts. In case the U.S. stock indices, specifically the Dow Jones, which is the lagging index, rest below the 200-day SMA on the daily time frame, the it’s likely that we are going to check out the March low.

Another essential signal will in addition be the violation of the 200-day SMA next to the Nasdaq Composite, and the failure of its to move back above the 200-day SMA.

Bottom Line
Under the present circumstances, the selloff we’ve encountered this week is likely to expand into the next week. In order for this stock market crash to stop, we have to see the coronavirus scenario slowing down considerably.

Bitcoin Traders Say Options Market Understates Likelihood of Chaotic US Election

The November U.S. presidential election can be contentious, nonetheless, the bitcoin market is actually pricing small occasion risk. Analysts, however, warn against reading much more into the complacency suggested by way of the volatility metrics.

Bitcoin‘s three month implied volatility, which captures the Nov. three election, fell to a two-month low of sixty % (within annualized terms) of the weekend, having peaked usually at 80 % in August, as reported by data source Skew. Implied volatility shows the market’s outlook of how volatile an asset is going to be over a specific period.

The one- and six-month implied volatility metrics have also come off sharply in the last few weeks.

The decreasing price volatility expectations of the bitcoin industry cut against raising fears in markets that are regular which the U.S. election’s outcome might not be decided for weeks. Conventional markets are pricing a pickup in the S&P 500 volatility on election day and expect it to remain heightened while in the event’s aftermath.

“Implied volatility jumps available election day, pricing an S&P 500 action of about three %, along with the term system remains heightened nicely into early 2021,” analysts at giving purchase banking massive Goldman Sachs recently said.

One possible reason behind the decline inside bitcoin’s volatility expectations ahead of the U.S. elections may be the best cryptocurrency’s status as an international asset, claimed Richard Rosenblum, mind of trading at giving GSR. That helps make it less sensitive to country-specific occasions.

“The U.S. elections will have relatively less impact on bitcoin compared to the U.S. equities,” said Richard Rosenblum, head of trading at giving GSR.

Implied volatility distorted by option marketing Crypto traders haven’t been purchasing the longer length hedges (puts as well as calls) which would drive implied volatility higher. In fact, it seems the alternative has occurred recently. “In bitcoin, there has been increasingly call selling from overwriting strategies,” Rosenblum said.

Call overwriting calls for selling a call option against a lengthy position in the stain market, the place that the strike price of the call feature is generally larger than the present spot price of the advantage. The premium received by supplying insurance (or call) against a bullish action is the trader’s extra income. The risk is the fact that traders can easily face losses of the event of a sell off.

Offering possibilities places downward stress on the implied volatility, along with traders have just recently had a strong incentive to offer choices and collect premiums.

“Realized volatility has declined, as well as traders positioning lengthy option positions have been bleeding. And to be able to stop the bleeding, the only choice is to sell,” in accordance with a tweet Monday by pc user JSterz, self identified as a cryptocurrency trader who buys and sells bitcoin choices.

btc-realized-vol Bitcoin’s realized volatility dropped substantially earlier this month but has began to tick back again up.

Bitcoin’s 10-day realized volatility, a measure of actual movement which has occurred in the past, just recently collapsed from eighty seven % to 28 %, as per data provided by Skew. That’s as bitcoin is restricted mostly to a cooktop of $10,000 to $11,000 over the past 2 weeks.

A low-volatility price consolidation erodes options’ value. Therefore, big traders which took long positions adopting Sept. 4’s double-digit price drop may have sold alternatives to recuperate losses.

In other words, the implied volatility seems to have been distorted by hedging exercise and does not give a precise snapshot of what the industry actually expects with price volatility.

Additionally, regardless of the explosive growth in derivatives this season, the size of the bitcoin options market is still quite small. On Monday, other exchanges and Deribit traded roughly $180 million worth of choices contracts. That’s just 0.8 % of the area market volume of $21.6 billion.

Activity concentrated at the front-month contracts The hobby found bitcoin’s options market is mostly concentrated in front-month (September expiry) contracts.

Around 87,000 choices worth more than one dolars billion are actually establish to expire this specific week. The second highest open interest (wide-open positions) of 32,600 contracts is actually found in December expiry choices.

With a great deal of positioning focused on the forward end, the longer duration implied volatility metrics again look unreliable. Denis Vinokourov, mind of research at the London based key brokerage Bequant, expects re-pricing the U.S. election threat to happen following this week’s selections expiry.

Spike in volatility does not imply a price drop
A re-pricing of event risk could occur week which is next, stated Vinokourov. Nevertheless, traders are actually warned against interpreting a potential spike in implied volatility as an advanced indication of an imminent price drop as it usually does with, point out, the Cboe Volatility Index (The S&P and vix) 500. That is because, historically, bitcoins’ implied volatility has risen throughout both uptrends and downtrends.

The metric rose from fifty % to 130 % throughout the second quarter of 2019, when bitcoin rallied through $4,000 to $13,880. Meanwhile, a far more significant surge from fifty five % to 184 % was observed during the March crash.

Since that enormous sell off of March, the cryptocurrency has matured as a macro advantage and might continue to track volatility inside the stock market segments as well as U.S. dollar in the run-up to and post U.S. elections.

Stock Market End Game Will Crash BTC

The one single matter that is using the worldwide markets presently is liquidity. Because of this assets have been driven solely by the development, flow and distribution of old and new cash. Value is toast, at least for these days, and the place that the money flows in, prices rise and at which it ebbs, they fall. This is precisely where we sit today whether it’s for gold, crude, bitcoin or equities.

The cash has been flowing around torrents since Covid with worldwide governments flushing their systems with great numbers of money and credit to keep the game going. That has come shuddering to a total stand still with assistance programs ending and also, at the center, the U.S. bailout software trapped in presidential politics.

If the equity markets now crash everything is going to go down with it. Unrelated things dive because margin calls power equity investors to liquidate positions, anywhere they’re, to allow for their losing core portfolio. Out travels bitcoin (BTC), gold and the riskier holdings in trade for more margin dollars to maintain roles in conviction assets. This tends to result in a vicious circle of collapse as we saw this season. Only injection therapy of cash from the government stops the downward spiral, as well as given sufficient new cash overturn it and bubble assets like we’ve noticed in the Nasdaq.

So right here we’ve the U.S. markets limbering up for a modification or perhaps a crash. They’re rather high. Valuations are brain blowing for the tech darlings and in the record the looming election provides all kinds of worries.

That is the bear game inside the brief term for bitcoin. You are able to attempt to trade that or perhaps you are able to HODL, of course, if a correction happens you ride it out.

But there is a bull case. Bitcoin mining trouble has grown by 10 % as the hashrate has risen throughout the last few months.

Difficulty equals price. The harder it is earning coins, the more valuable they become. It’s the same kind of logic that indicates a surge of price for Ethereum when there’s a rise in transaction charges. In contrast to the oligarchic system of proof of stake, proof of effort defines the valuation of its through the work required to earn the coin. Although the aristocrats of evidence of stake may lord it over the very poor peasants and earn from their position within the wealth hierarchy with little true price beyond expensive garments, evidence of effort has the benefits going to the hardest, smartest workers. Energetic work equals BTC not the POS passive place to the power money hierarchy.

So what’s an investor to perform?

It appears the best thing to undertake is actually hold and purchase the dip, the conventional method of getting rich in a strategic bull niche. Where the price grinds slowly up and spikes down every then and now, you are able to not time the slump although you can purchase the dump.

If the stock sector crashes, bitcoin is extremely likely to tank for a few weeks, however, it won’t injure crypto. If you sell your BTC and it does not fall and out of the blue jumps $2,000 you are going to be cursing the luck of yours. Bitcoin is going up very rich in the long term but looking to grab every crash and vertical is not just the street to madness, it’s a licensed road to bypassing the upside.

It’s cheesy and annoying, to obtain and hold and purchase the dip, though it’s worth considering how easy it is to miss getting the dip, and if you can’t purchase the dip you actually aren’t ready for the dangerous game of getting out prior to a crash.

We’re intending to enter a whole new crazy pattern and it is likely to be very volatile and I feel possibly extremely bearish, but in the new reality of broken and fixed markets just about anything is likely.

It will, however, I am sure be a purchasing opportunity.

Bitcoin Stuck In Range that is Crucial While Altcoins Face Selling Pressure

Right after a transparent rest above USD 11,000, bitcoin price encountered opposition near USD 11,200. BTC started a disadvantage correction and it’s presently (08:30 UTC) trading below the USD 11,000 level of fitness. It appears as the cost is located at a range above the USD 10,750 support level.
On the flip side, the majority of serious altcoins are actually going through enhanced selling pressure, including ethereum, XRP, litecoin, bitcoin cash, EOS, ADA, TRX, BNB, and XLM. ETH/USD declined beneath the USD 380 and USD 375 support levels. XRP/USD is done 2 % and it is currently trading below the USD 0.250 pivot level of fitness.

Lately, bitcoin price failed to develop bullish momentum previously mentioned USD 11,150 and declined under USD 11,000. BTC evaluated the USD 10,750 assistance area and it is currently trading in a diverse range. An initial resistance is near the USD 11,000 level. The principal weekly resistance is currently close to USD 11,150 and USD 11,200, above that the price may climb 5%-8 % in the coming sessions.
Conversely, in the event that there is no clear rest above USD 11,150, the price may break the USD 10,750 support amount. The next significant assistance is actually close to the USD 10,550 levels, under that will the price may revisit USD 10,200.

Ethereum price

Ethereum price struggled to clean the USD 395 and USD 400 resistance levels. ETH initiated a new reduction and it smashed the USD 380 structure and support. The price is trading below USD 375, with a quick support at USD 365. The primary weekly assistance is observed close to the USD 355 level of fitness.
On the upside, the USD 380 zone is a key hurdle before the all important USD 400. A profitable rest above USD 400 could perhaps get started on a sustained upward move.

Bitcoin cash, chainlink as well as XRP price Bitcoin cash price failed to clear the USD 230 opposition and it’s gradually moving cheaper. The first significant assistance for BCH is near the USD 220 levels, beneath which the bears may test the USD 200 support. Conversely, a break above the USD 230 resistance could possibly direct the price towards the USD 250 resistance.

Chainlink (LINK) broke a lot of essential supports approach USD 10.20 and USD 10.00. The price given its decline below the USD 9.80 assistance and yes it might extend its decline. The next ingredient assistance is actually near the USD 9.20 levels, under which the price may well dive towards the USD 8.80 level.

XRP price is actually decreasing and trading well below the USD 0.250 support zone. If the price goes on to move downwards, there’s a possibility of a break below the USD 0.242 and USD 0.240 support levels. To move right into a good zone, the price has to go back again above the USD 0.250 level of fitness.

Bitcoin price volatility expected as forty seven % of BTC selections expire next Friday

The open fascination on Bitcoin (BTC) options is definitely five % short of their all-time high, but almost half of this particular total is going to be terminated in the future September expiry.

Even though the current $1.9 billion worth of choices signal that the industry is healthy, it is nevertheless unusual to realize such hefty concentration on short-term choices.

By itself, the current figures shouldn’t be deemed bullish or bearish but a decently sized alternatives open interest as well as liquidity is required to enable larger players to take part in this kind of market segments.

Notice how BTC open fascination recently crossed the $2 billion barrier. Coincidentally that’s the identical level that was done at the previous 2 expiries. It is standard, (actually, it’s expected) this number is going to decrease once every calendar month settlement.

There is no magical level which has to be sustained, but having options spread across the months allows more advanced trading strategies.

More to the point, the existence of liquid futures and options markets helps to support spot (regular) volumes.

Risk-aversion is now at low levels To evaluate whether traders are paying big premiums on BTC options, implied volatility should be analyzed. Any kind of unexpected substantial price campaign will cause the sign to increase sharply, regardless of whether it is a positive or negative change.

Volatility is often known as a dread index as it measures the average premium paid in the options market. Any unexpected price changes frequently result in market creators to be risk-averse, hence demanding a greater premium for preference trades.

The above mentioned chart obviously shows a tremendous spike in mid-March as BTC dropped to its yearly lows at $3,637 to immediately restore the $5K degree. This uncommon movement induced BTC volatility to achieve its highest levels in two years.

This is the opposite of the previous ten days, as BTC’s 3-month implied volatility ceded to sixty three % from seventy six %. Even though not an abnormal level, the rationale behind such relatively low possibilities premium demands further evaluation.

There is been an unusually excessive correlation between U.S. and BTC tech stocks during the last 6 months. Even though it’s not possible to locate the cause and impact, Bitcoin traders betting during a decoupling may have lost their hope.

The above mentioned chart depicts an 80 % average correlation over the past 6 months. Irrespective of the reason behind the correlation, it partially explains the latest reduction in BTC volatility.

The longer it takes for a relevant decoupling to occur, the much less incentives traders need to bet on aggressive BTC price movements. An even more crucial signal of this is traders’ absence of conviction and this also could open the path for much more substantial price swings.

Bitcoin price charts hint $11K will more than likely result in difficulty for BTC bulls

The retail price of Bitcoin is actually regaining bullish momentum, nevertheless, the essential resistance level around $11,000 might possibly remain unchanged for an extended period.

While Bitcoin (BTC) has been showing weakness in recent days as BTC price dropped from $12,000 to $10,000, several light at the end of the tunnel is actually paving up.

The buying price of Bitcoin showed support at the mental screen of $10,000 and bounced many instances as it is currently near to $11,000. Above all, may Bitcoin break through this essential area and then keep on the bullish momentum of its?

Bitcoin holds $10,000 to stay away from any additional modification on the markets The retail price of Bitcoin couldn’t hold above $11,100 at the beginning of September and dropped south, creating the crypto markets to tumble down with it.

Because of the busy breakout above $10,000 in July, a huge gap was developed with no considerable assistance zones. As no support zones were established, the cost of Bitcoin fell to the $10,000 region in 1 day.

This $10,000 place is an important guidance region, as it was previously an opposition area, especially around the time of the Bitcoin halving that happened in May. Fortunately, flipping this key degree for support increases the risks of further upward continuation.

Is the CME gap finding front run by the markets?
As the cost dropped from $12,000 earlier this month, many traders as well as investors had the eyes of theirs on the prospective closure of the CME gap.

However, the CME gap didn’t close as customers stepped in above the CME gap. The purchase price of Bitcoin counteracted during $10,000 and not at $9,600.

In that regard, the probability of not closing the CME gap will increase by the day time. Only some CME gaps will get brimming as it is just another point to consider for traders, just love support/resistance turns or the Fibonacci extension device.

What’s very likely is actually a considerable range bound time for Bitcoin, which might last for several months. A comparable time was found in the previous sector cycle in 2016.

As the chart shows, a latest uptrend is definitely visible after the crash with continuation probable.

The upper resistance level is actually $10,900. If this’s broken, the next vital hurdle is actually determined at $11,100 11,300. This amazing opposition zone is the important level on excessive timeframes too, that, if broken, might bring about a tremendous rally.

The price of Bitcoin might then see a fast rise to the next major opposition zone at $12,100.

However, a breakthrough in one go is unlikely as it will just be the first test of the preceding support zone ($11,100).

Therefore, a prospective continuation of the sideways range-bound framework should not occur as a surprise and would be comparable to what happened directly after the 2020 halving.

To recap, clearly defined support zones are actually found at $9,200-9,500 and around $10,000; the resistance zones are actually at $11,100 11,300 and $11,900-12,200.