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U.S banks can now legally handle crypto and stablecoins, says OCC

Market watchers believe allowing U.S banks to engage in crypto custody and stablecoins is a net positive for the sector. CoinOtag

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Bitcoin Price Consolidates in a Triangle, Potential 20% Move Ahead as Market Watchers Eye Key Support and Resistance Levels

Bitcoin ($BTC) is presently in an extended phase of consolidation, during which its price is forming a triangle pattern. This technical formation suggests that a breakout or breakdown is impending. How traders choose to interact with this situation could set the stage for a price move worth up to 20 percent in either direction. For Bitcoin, this moment of decision comes after a lull in relative price stability and is energized by some important technical and fundamental factors. #Bitcoin $BTC is consolidating within a triangle, setting the stage for a potential 20% price move! pic.twitter.com/ELPb5wjar9 — Ali (@ali_charts) March 7, 2025 Triangle Pattern Signals Possible Price Move Bitcoin’s recent price action has entered a consolidation phase, confined within a triangle pattern. Such patterns often precede sharp price moves, with traders keeping their eyes peeled for a breakout above or a breakdown below the triangle’s boundaries. The range between key support and resistance levels suggests that Bitcoin is poised for a price swing of about 20% in either direction once it breaks out of its current range. Right now, both technical and on-chain data are driving Bitcoin’s price, and analysts are dissecting the most recent support and resistance levels to get a handle on where the crypto could be headed next. Per the Cost Basis Distribution, one of the key supports under the current price is at about $59,882.62, where more than 220,000 BTC were bought. If the price were to drop to that level, it could serve as a solid floor that would most likely keep Bitcoin from declining much further. Conversely, the levels of resistance that Bitcoin encounters are equally apparent. The strongest resistance directly above Bitcoin’s existing price lies at $98,081.72, a level at which 320,040 BTC were amassed. This area could give Bitcoin some serious trouble if it attempts to push through to new all-time highs, as there’s a healthy supply of BTC sitting in this range. Should Bitcoin reach this height, it would almost certainly contend with a solid wall of selling as the accumulated holders look to cash in. Based on #Bitcoin Cost Basis Distribution, the strongest support below the current price is at $59,882.62, with 220,150 $BTC accumulated. Meanwhile, the toughest resistance above is at $98,081.72, where 320,040 #BTC were acquired. pic.twitter.com/2w4zqN2dD3 — Ali (@ali_charts) March 7, 2025 These two levels are—$59,882.62 support and $98,081.72 resistance. They stage potential volatility. With such a large price range between support and resistance, it’s possible that Bitcoin could see a swift 20% price move. Long-Term Holders Continue to Accumulate Alongside the technical indicators, holders of Bitcoin over the long term continue to accumulate the cryptocurrency, which, if anything, signifies a super-strong market confidence. Holdings of long-term holders have shot up, with the latest report indicating that they added an unspeakable 85,000 Bitcoin just in the month of June alone. Long-term holders are accumulating! The supply held by long-term holders has increased by 85,000 #Bitcoin $BTC in the past month. pic.twitter.com/udy0Aqg6BW — Ali (@ali_charts) March 6, 2025 This shows quite a clear picture; even with all the recent hullabaloos, there’s a segment of the investing world that is very, very confident in Bitcoin’s future. This accumulation trend among long-term holders is truly significant in that it reflects the growing and apparently widespread sentiment that Bitcoin is nothing less than an appreciation prospect. On the whole, these holders appear unwilling to trade in and out and instead seem committed to Bitcoin for the long haul. They have given no real signs that they expect anything but higher prices in the future. So the potential payoff for Bitcoin could be anything but negligible. This accumulation also accentuates the ever-increasing shift in market sentiment. Although short-term price fluctuations can lead to fear, uncertainty, and doubt (FUD) among traders, the commitment from long-term holders of Bitcoin reaffirms the overall market outlook. It puts stable, unfudgable faith back into the market. As more Bitcoin is held by long-term investors, the amount of Bitcoin available in the open market decreases. Therefore, if the amount of Bitcoin held by the public continues to increase and if the price did not seem capable of going back down, would it not seem logical to assume that upward market pressure might be evident in Bitcoin’s near future? Bitcoin ETF Outflows Signal Short-Term Concerns In spite of the potent accumulation from long-term holders, the Bitcoin market has been encountering short-term tests. On March 6, the Bitcoin spot exchange-traded fund (ETF) experienced a net outflow of $134 million. This was the fourth straight day of outflows from the Bitcoin ETF. Although the ETF itself isn’t the main vehicle of institutional investment anymore, the outflows have raised some eyebrows. “Is demand for Bitcoin through traditional investment vehicles kind of waning for some reason?” That seems to be the question that has some folks concerned. On March 6, the Bitcoin spot ETF had a total net outflow of $134 million, which continued for 4 consecutive days; the Ethereum spot ETF had a total net outflow of $35.8867 million. https://t.co/59u0BnEqLG — Wu Blockchain (@WuBlockchain) March 7, 2025 Even though the outflows are significant, they might not be suggesting a long-term trend. On the contrary, these outflows could just be a response to the current short-term volatility or to a shift in the not-so-recent past in institutional investors’ strategies toward Bitcoin. But what’s most concerning here is the consecutive nature of these outflows. This does seem to convey some amount of caution on institutional investors’ part as they reevaluate their Bitcoin exposure amid broader market uncertainty. Looking Ahead: What’s Next for Bitcoin? Bitcoin’s current state of consolidation within a triangular pattern has naturally directed most of the attention toward its most salient support and resistance levels. At present, these seem to have been smoothened up into a near-horizontal span of demand between $59,882.62 and a rather liquid upper supply span split between $98,081.72 and $100,000. Merging technical chart patterns, long-term investor accumulation, and short-term ETF outflows offers a cloudy view of the Bitcoin price in the next few weeks. The market may see increased volatility as Bitcoin nears a key breakout point, with a potential 20% move in either direction. At the same time, investors must stay on high alert, looking for indications of price action that might give clues as to where Bitcoin is headed next. If the price moves significantly in either direction, it will break out of the current consolidation phase. And given how long it’s been coiling, the next breakout—up or down—is likely to lead to some big price changes. Wherever Bitcoin goes next, the next move is almost bound to be big. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: promesaartstudio/ 123RF // Image Effects by Colorcinch CoinOtag