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Bitcoin is a volatile asset but BTC price can get stuck inside narrow trading ranges for week, if not months for multiple reasons. Bitcoin (BTC) continues with its sideways BTC price action under $27,000 on May 22 as the bulls and bears find it hard to break the stalemate. Which way Bitcoin?  Notably, BTC price has fluctuated inside a narrowing ascending triangle range since May 11, defined by a horizontal resistance around $27,500 and a rising trendline support currently near $26,890. BTC/USD four-hour price chart. Source: TradingView On May 22, Bitcoin dropped below the support trendline to around $26,550 but recovered quickly afterward to $26,900 — a bullish rejection. Meanwhile, the volumes were relatively lower, suggesting fewer traders participated in the intraday dump-and-pump move. Overall, these technicals illustrate an ongoing bias conflict among traders. In other words, they are unsure about the direction of Bitcoin's next price trend with the same amount of buyers an...

Positive signs of Bitcoin's recovery can be seen in on-chain, spot exchange and futures data. Bitcoin (BTC) had a rough year all throughout 2022. But fresh on-chain and futures market data show positive signs that the leading cryptocurrency by market capitalization has started to recover. After a bevy of short liquidations, the futures market is pointing toward renewed equilibrium. According to data from Glassnode, short position liquidations cleared out unhealthy market speculators, on-chain and exchange data now point to an improving spot market and exchange netflows. A large group of investors that were previously at a loss is now back in the category that Glassnode analysts label as “unrealized profits.” Massive short liquidations set the groundwork for new investors to thrive Futures data typically hold an equilibrium between longs and shorts. As the market moves, investors tend to update their futures to avoid liquidation. Conversely, in mid-January investors were caught of...