Bitcoin Stabilizes at $85,100 Amid Range-Bound Trading and Macro Uncertainties

Bitcoin's price has recently stabilized around the $84,000 mark, approximately 22% below its all-time high of over $109,000 achieved earlier this year. Despite recovering from previous lows, Bitcoin's price movements have been range-bound, reflecting cautious investor sentiment amidst ongoing macroeconomic uncertainties.

CryptoQuant analyst Crypto Dan has noted similarities between the current market dynamics and the correction phase of 2024. In his analysis, Dan highlighted the percentage of Bitcoin supply held by short-term holders (one week to one month) as a key metric. Historically, spikes in this metric have preceded market pullbacks. Dan observed that this indicator has returned to a zone associated with market bottoms, similar to the "yellow box" that marked the 2024 correction low. This suggests that speculative excesses have cooled, potentially setting the stage for renewed price growth if macroeconomic conditions improve. However, Dan cautioned that further consolidation might occur before a decisive trend reversal.

Supporting this outlook, CryptoQuant contributor Mignolet pointed to significant recent activity among mid-term holders. Approximately 170,000 BTC shifted out of the 3–6 month holders, a move historically linked to upcoming price volatility. Such shifts often precede major market moves, both upward and downward, serving as an early warning for traders to prepare for a possible Bitcoin breakout or breakdown soon.

In summary, while Bitcoin currently faces resistance near $84K and remains range-bound, key on-chain metrics and holder behaviors hint that 2025 could replicate last year’s explosive Bitcoin breakout, if the market navigates macroeconomic headwinds successfully. Traders should watch closely for a sustained move above the critical $85,000 resistance, which could trigger a fresh bullish run, or serve up some negative Bitcoin news in the near future.

Bitcoin started trading at a price of $84,880. In the first two hours of trading, Bitcoin faced some correction and then ascended rapidly to test the $85,100 resistance. However, it could not keep the uptrend going, and a slow fall followed, taking Bitcoin to establish new support at $84,450. With the $84,750 resistance in place, Bitcoin went on to display range-bound behavior until noon. However, Bitcoin failed to form a meaningful uptrend, and at 14:00, led by a death cross at 13:00 UTC, abandoned the current support level. It eventually settled at a new support level of $84,350. Bitcoin continued to work in a trading range, with the $84,750 resistance still in place. However, Bitcoin’s upward movements found resistance at the $84,650 mark, as it continues to consolidate in that narrow range. At 00:30 on April 19, a golden cross formed on the MACD, and Bitcoin started scaling the charts. The resistance was broken at 3:00 UTC as Bitcoin continued to ascend to $85,250. With the market now overbought, Bitcoin faced a correction.

Bitcoin currently trades at $85,100. However, based on past performances, it is highly possible that Bitcoin will relinquish its current support of $84,900 and look to stabilize under $85K. With the coin in overbought conditions right now, a correction is bound to arrive. If Bitcoin can resist a dramatic fall, we may be in for a shot at $86K.