Is Bitcoin Eying Significant Breakout?

Analysis indicates a lack of demand-side pressure within the current Bitcoin price range. The Binary CDD metric, which measures the expenditure of holding time, reveals that long-term investors remain relatively inactive. This suggests that investor attention and new demand inflows have not seen a significant resurgence year-to-date.

The lack of demand around these price levels is concerning for Bitcoin bulls, as the current levels have proven difficult to overcome. Additionally, a renowned crypto enthusiast has made a surprising prediction, claiming an impending financial market crash similar to 2008. They suggest that Bitcoin could potentially drop as low as 5,000, but views this as an opportunity for astute investors.

From a technical analysis perspective, Bitcoin faces several hurdles to a significant breakout. The current price range between 65,800 and 70,000 is an area of confluence, with resistance levels at the inner and outer trendlines. On the downside, immediate support is at 65,000, followed by 63,800 and the 200-day moving average. A break below 63,341 could open the door for a return to the 60,000 level.