The Bitcoin Re-Accumulation Range
Bitcoin soon to challenge for the Range Highs
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Major Successful Retest
In recent weeks, we've been talking about how Bitcoin was retesting an old major resistance area at old All Time Highs as new support.
Here is last week's chart:
And here is today's update to this chart:
Bitcoin has successfully retested this old resistance area as new major support.
This just shows an evolution in market psychology, which is essential in order for price to push up.
And that psychology is that this green region was an area where people wanted to sell whereas now it is actually an area where people was to buy.
Re-Accumulation Around Old All Time Highs
The retest on the Monthly timeframe showcases how Bitcoin is building a base at around the ~$60000 and it is this region that is acting as the key support to this Re-Accumulation Range that is developing around old All Time Highs (black).
The green circles emphasise that BTC tends to consolidate around old All Time Highs; sometimes this can be a short re-accumulation (2021) and sometimes it can be a volatile one (2017).
In this cycle, BTC is offering more of a lengthy Re-Accumulation Range but a standard range with price swings between two key psychological levels: $60k and $70k.
And interestingly enough, this old All Time High Re-Accumulation period is confluent with the Re-Accumulation phase that tends to develop after the Halving event:
As part of standard consolidation, Bitcoin has rebounded from the ~$60000 and is on target to revisit the Range High of ~$71500 (red) over time.
Historically, Bitcoin tends to consolidate inside this Post-Halving Re-Accumulation Range for up to 160 days.
It's been 35 days since the Halving thus far for BTC so this consolidation could still take some time but there'll surely be lots of FOMO when BTC revisits the Range High of its Re-Accumulation Range and investors would be lucky for price to reject there.