Bitcoin is likely to remain range-bound for a few days as the bulls and the bears battle it out for supremacy before the halving.
Bitcoin (BTC) is consolidating in an uptrend, indicating a tussle between the bulls and the bears. The bears hold the edge in the near term, as the 14th week of the year has historically seen Bitcoin prices fall by an average of 8.33%, according to Coinglass data.
During Bitcoin’s range-bound action, traders are likely to focus on the performance of the spot Bitcoin-exchange traded funds, which have been the primary driver of the price. A comparison may be made with March, which saw a sharp uptick in trading volume.
According to data from Bloomberg ETF analyst Eric Balchunas, spot Bitcoin ETF volume surged from $42.2 billion in February to $111 billion in March.
