Bitcoin approaches 150 days in a $5K BTC price trading range

Bitcoin BTCUSD has spent nearly 150 days in a $5,000 BTC price corridor as its stubborn range stays put.

New analysis from James Van Straten, research and data analyst at crypto insights firm CryptoSlate, reveals “characteristic” BTC price behavior.

Bitcoin price “buckets” show that the range is king

Bitcoin has already seen two-year highs in 2024, but along with lows of $38,500, these have failed to endure or spark a broader price trend.

Instead, BTCUSD has settled within a trading range just $5,000 wide.

Taking daily close levels into account, the largest cryptocurrency has adhered to the range rigidly for almost 150 days as of Feb. 2.

“Digging deeper, the price analysis in $5,000 increments reveals a pattern,” Van Straten writes.

While arguably frustrating for bulls and bears alike, such price action is, in fact, nothing out of the ordinary, Van Straten notes.

Analyzing the time Bitcoin has spent in various $10,000 price “buckets” shows that such rangebound stints can last considerably longer.

“When assessing price increments from $10,000 and upwards until $49,999, it becomes apparent that Bitcoin typically trades within these ranges for a period between 100 and 250 days,” he concludes.

Traders refocus on post-halving BTC price action

Frustration with the lack of sustained upside following the launch of the spot Bitcoin exchange-traded funds (ETFs) has led market commentators to soften their BTC price expectations.

With the block subsidy halving event just over two months away, popular opinion now suggests that Bitcoin will only gather bullish momentum again months afterward.

Until then, familiar levels should continue to make up the landscape.

“My theory on Bitcoin remains the same,” Michaël van de Poppe, founder and CEO of MN Trading, wrote in one of his most recent posts on X.

While the halving is eagerly anticipated thanks to its impact on BTC supply dynamics, in the background, the ETFs are beginning to remove coins from the market at what is calculated to be 10 times faster than new supply per day.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.