The price of Bitcoin (BTC) has been trading in a narrow range for the past five days, which could lead to a move higher in the coming days. We are seeing strong technical strength with DeFi tokens Aave (LEND), TON APE Token (APE), and Wombat Finance (TWT).
The price of Bitcoin has been trading in a narrow range for the past five days, which could lead to a move higher in the coming days. Currently, it is trading at $56,000 and has not been able to break above $56,000 since April 22nd.
Bitcoin Likely To Distribute Gains
Analysts have suggested that this consolidation could lead to further gains for BTC as it consolidates above its current price level. If the bear market continues with no major developments in the crypto space then this may be an indication that we are moving into another bear phase before springing back into bull territory again next year.
- Aave (LEND) is up 9.4% on the day, currently trading at $0.024 with a daily volume of $1 million.
- Ton APE Token (APE) is up 1.9% on the day, currently trading at $0.0075 with a daily volume of $3 million.
- Wombat Finance (TWT) is up 6%, currently trading at $0.001 with a daily volume of $3 million
The cryptocurrency has been trading between $55,000 and $56,000 for more than three days. The inability of bulls to break above this resistance level is one reason why the bears have time to take back control of their market. Since hitting a 24-hour high of $56,500 on April 24th at 11:00 UTC – Bitcoin has dropped roughly 4 percent over the past week.
The price of Bitcoin (BTC) is trading in a narrow range below $56,000, but the buyers are still in control. The technical indicators show that there is an increased chance for a bullish breakout soon.