Bitcoin remains locked in a battle near the $69,000 mark, which may extend for a few more days.
Bitcoin (BTC) has been witnessing a tough battle between the bulls and the bears near the $69,000 mark. Independent trader and analyst Daan Crypto Trades said in a X post that Bitcoin has been hovering around the 2021 cycle high for about four weeks. Historically, Bitcoin consolidates for about 4-8 weeks near the cycle highs before the price starts moving again.
Although the range-bound action frustrates traders, the shallow pullback is a positive sign. Checkmate, the pseudonymous lead on-chain analyst at Glassnode, said in a X post that during the previous bull market cycle between 2019 and the end of 2021, Bitcoin witnessed two corrections of more than 50%. However, pullbacks during the current bull phase have been milder, with the last 20% drawdown in September last year.
The massive buying interest in the spot Bitcoin exchange-traded funds may have limited the downside during the current cycle. Another reason for the shallow pullback could be the expectation that Bitcoin could extend its bull market after the Bitcoin halving.
