Despite recent market turbulence due to tariff tensions between the U.S and its neighboring countries, Bitcoin (BTC) has remained consistent in following the trajectory of its 2017 cycle. It is currently up approximately 525% from its cycle low in November 2022. Bitcoin's behavior can also be evaluated by measuring returns from previous all-time highs, with the last cycle's peak occurring in April 2021. However, on-chain indicators suggest that April 2021 was the true top of the cycle. Bitcoin has been range-bound between $90,000 and $109,000 for the past 2.5 months and continues to test the upper and lower bounds of this trading channel. Previous research has identified $91,000 as a local bottom for bitcoin.



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