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Bitcoin continues to trade in a tight range between $116,800 and $119,500, with analysts predicting a significant breakout soon. On-chain data mirrors patterns from 2020, hinting at a potential end to the current bull cycle. Traders remain cautious ahead of the FOMC interest rate decision.
- Bitcoin's prolonged consolidation between $116,800 and $119,500 may precede a significant price movement.
- CryptoQuant's Bitcoin Heat Macro Phase stands at 44%, indicating a neutral market with no clear bullish or bearish dominance.
- On-chain data shows large Bitcoin holders reducing their positions, mirroring patterns from the 2020-2021 bull market cycle.
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