Bitcoin ETF Holds Over 3000 BTC BlackRock Will Witness Huge Earnings, So Why Is BTC Price Stuck In A Range?

Bitcoin broke through one of the most important resistance zones, raising the possibility of a move higher near $70,000. Unfortunately, the price was rejected from the supply zone, which increases the possibility of further decline in the coming days. However, from a larger perspective, BTC price seems to be stuck in a demand zone, and a breakout from the highs could lead to a major price action.

The latest ETF update suggests that institutions have started stockpiling BTC again. ETF flows were positive as BlackRock's iShares Bitcoin Trust saw inflows of more than $224 million, the highest in the past 35 days. Despite growing institutional and retail confidence, BTC's price is grinding within a narrow range, indicating the possibility of an extended rally.

However, the current rally is expected to end soon, which will not only push levels above the bearish range, but also help the rally make new highs.

Regardless of the short-term bearish action, the price of BTC continues to trade under a strong bullish influence. The current price action suggests that the bulls remain passive as they are gathering strength to trigger a strong breakout. However, to do so, the price is expected to have a bearish consolidation, which could pull the levels towards the cup and handle edge, which could lead to a major rally in the next few weeks.

The RSI remains stuck in a downtrend, suggesting that the price will remain firm in a descending parallel channel and may drop below $58,000, making it the low of the cycle. However, a breakout from this level is not only a breakout from the channel's top resistance, but can also cut the current ATH and trade in discovery mode. A bull run could begin, bringing levels closer to the expected $100K target.