Bitcoin has been stuck in a consolidation phase between $55,000 and $71,000 since March 2024, with no clear trend emerging. The price is currently squeezed between the 100-day and 200-day moving averages, indicating an impending breakout that will determine its short-term direction. There is an ascending wedge pattern on the 4-hour chart, suggesting a continuation of the bearish trend if it breaks downward. The realized price UTXO age bands show that Bitcoin's price is hovering between the realized prices of short-term and long-term holders, with a breakthrough above the short-term holders' realized price potentially indicating upward momentum. However, failure to break above this zone may lead to bearish retracements.



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