Markets
What to know:
- Ah, Bitcoin, that capricious muse of the markets, has chosen to linger in a narrow corridor between $70,000 and $79,999 for five days-an eternity in its fleeting world. How quaint!
- This range, scarcely trodden in its brief history, lacks the gravitas of historical support or resistance. Might it become a salon for consolidation, or shall it descend into the abyss of lower prices? Only the fickle gods of finance know.
- Trading data, that dry chronicler of human folly, reveals a structural shortage of supply in this region. Strategy, that lone knight of corporate Bitcoin hoarding, has but once dipped its quill here, purchasing 27,200 BTC at $74,463. How singular!
Since the weekend’s slump-a minor tragedy in this grand farce-Bitcoin has been confined to its $10,000 cage. Five days! A veritable eternity for a creature so accustomed to sprinting through price ranges like a startled hare.
Indeed, Bitcoin has spent a mere 35 days within this $10,000 bucket, a blink in the eye of time. Compared to other increments, it is but a barren wasteland, a testament to its impatience with lingering. How quickly it darts through, leaving no trace of sustained support or resistance!
The longer it tarries, the more positions are built-a game of musical chairs, if you will. Will it consolidate, or shall it pirouette toward the lower end before finding firmer ground? Ah, the suspense is almost too much to bear.
Recall last April’s tariff-driven volatility, when Bitcoin held below $80,000 for a mere fortnight before rebounding. Or March 2024, when it grazed $73,000, only to retreat like a shy debutante. How fleeting its affections!
The most amusing example, perhaps, was November 2024, following Donald Trump’s electoral triumph. Bitcoin, ever the drama queen, leapt from $68,000 to $100,000 in weeks, leaving this $70,000-$80,000 range as but a distant memory. How it loves to make an entrance!
Strategy (MSTR), that stalwart hoarder, has but once deigned to purchase Bitcoin within this range. On November 11, 2024, it acquired 27,200 BTC for $2 billion-a mere trifle for such a titan. How singular its taste!
Consider, if you will, a chart-that sober arbiter of market whimsy-showing the prices at which Bitcoin last moved within this range. Each column, a monument to human greed and fear, reveals a startling lack of supply between $70,000 and $80,000. How structurally thin it is, this zone of uncertainty!
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2026-02-04 16:02