The recent choppy movement suggests there is no directional bias for Bitcoin price as it consolidates between $85K and $83K levels. Crypto traders believe that it is on BTC bulls to establish a trend by overcoming the $86,000 resistance levels. On-chain data shows investors positioning on both sides of the range.
Bitcoin Price Stuck in No Man’s Land as it Consolidates in $85K to $83K Range
A closer look at the Bitcoin’s Time Price Opportunity (TPO) chart shows that the five-day composite extends roughly from $83K to $85K. BTC price has been bouncing between these two levels in the past five days. A breakdown of the $93K level could push the price down to $82.2K and $80K, two key support floors.
On the upside, a decisive flip of $85K will put Bitcoin price in front of the $86K sell wall. If bulls overcome this hurdle, it will lead to a retest of $90K.
A look at Kiyotaka’s orderbook heatmap data shows that a push into limit sell orders caused Bitcoin price to crash from $86K to $83K. As a result, most of the limit sell orders to the upside were absorbed. Despite sellers’ efforts, BTC trades inside the $83K to $85K area, showing buyer strength.
As noted above, a breakdown of the $83K support could crash BTC’s value to $80K, where the resting limit buy orders are placed. This area will be a key support that will decide BTC’s fate next.
Orderbook depth of 2.5% shows spot buyers accumulated during that the last two dips on April 16 and 17.
Crypto trader Mandlebrot posted his thoughts on X, saying there’s equal risk on either side for Bitcoin price. Mandlebrot added,
“The trader in me still sees somewhat equal risks to the upside and the downside. For me, this is skewed slightly to the latter as long as we trade below 86k.”
To conclude, the many traders’ Bitcoin price prediction is neutral, but they expect a bullish breakout.
How Can Crypto Traders Approach BTC?
The higher time frame still shows Bitcoin producing lower highs, while the mid-term time frame shows BTC is stuck between $85K and $83K. Despite this, investors can plan for a bullish BTC trade after a sweep of the relative equal lows at roughly $82,753. This level coincides with the bullish orderblock formed on the daily chart.
Depending on buyers’ reaction to the aforementioned level, investors can attempt a long position that pushes Bitcoin’s price to the next key target area, extending from $88K to $90K.
The above trade idea is valid until the $80K level remains strong. However, a breakdown of $80K or a lack of buyer participation around this area could invalidate this opportunity. In such a case, BTC could crash to $76,500, which is the previous quarter’s low.
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