• Bitcoin (BTC) is potentially forming fundamental support in its current trading range.
• A one-week chart analysis suggests that $16,800 is the current 100-week point of control (PoC).
• This could mean that the price of BTC may not have much further to fall in the current bear market.
Bitcoin (BTC) has been in a tight trading range since the FTX saga in November, and the latest analysis suggests that it could be in the process of forming fundamental support. On-chain analysis indicates that the current 100-week point of control (PoC) is at $16,800, which could mean that the price of BTC may not have further to fall in the bear market.
Analysts at the trading platform Trend Rider noticed that $16,800 is becoming an increasingly important BTC price support zone. They observed this by looking at the one-week chart, which showed that this price level was generating the largest volume in the specific period. This is important because the longer the period and higher the volume, the stronger the notional PoC support or resistance level is.
This could mean that the Bitcoin price range could stay mostly between $16,800 and $17,000 for some time. Many commentators have been debating when a breakout could occur and in what direction, with some expressing bullish optimism and others cautioning that further bearish price action may be ahead.
However, the PoC analysis suggests that the price of BTC may not have much further to fall in the current bear market. This could mean that the market is stabilizing and could potentially open up opportunities for traders and investors to capitalize on the current price range.
It is important to note, however, that this analysis is still relatively new, so it is important to keep an eye on the market and stay up to date on any potential changes in the Bitcoin price range. In the meantime, many traders will likely be watching this support zone closely to see if it can hold and potentially provide a launching pad for further bullish price action.