Bitcoin, the first and largest cryptocurrency by market cap, may have recently pulled off a technically significant move — but not everyone is impressed.
Veteran trader Peter Brandt recently reacted on X in response to an analysis by crypto analyst Rekt Capital, who highlighted that Bitcoin (BTC) has broken its multi-month downtrend, successfully retested it as support and held above it for several consecutive days — a pattern typically considered as bullish. Brandt, who previously highlighted Bitcoin's boring and repetitive price action in previous posts, reacted with a yawn emoji.
In a tweet on April 17, Brandt commented on Bitcoin's repetitive and uninspiring price action, comparing it to "little boxes on the hillside, little boxes made of ticky-tacky." BTC has been locked in a horizontal movement rather than an upward trajectory. In the last 30 days, Bitcoin has traded between $75,000 and $88,000, unable to breach $90,000.
Bitcoin retested lows near $74,000 twice in April, establishing support in this price range before rebounding. Following the comeback, Bitcoin reached highs of $85,909 on April 12 and has since hovered around $85,000. The lead crypto asset has fluctuated in a narrow range between $82,765 and $86,491 since then.
At the time of writing, Bitcoin was down 1.16% in the last 24 hours to $84,308 as the crypto market faced slight selling pressure in the early Sunday session with nearly $138 million reached in liquidations across the crypto market.
Markets routinely drive investors to the brink of maximum pain, typically reaching a peak at the turning point between a bull and a bear cycle. According to Glassnode, the volatility-adjusted Net Realized Profit/Loss indicator oscillates around its long-term median, acting as a mean reversion tool.
This metric has now reset back to its neutral median value, indicating the Bitcoin market has reached a key decision point, and draws a line in the sand for the bulls to reestablish support in the current price range.
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