Bitcoin Trapped in Narrow Range as Analyst Warns of Major Break

Bitcoin has been stuck in a narrow range for nearly a week, and Daan Crypto Trades is warning that this could signal a major break. In his analysis on June 19, the analyst pointed out that a cluster of short positions had piled up near the $62,300-mark, trying to force a breakdown, but were instead squeezed out as price held.

The longer Bitcoin remains in this tight range, the bigger the eventual move will be, Daan said. He identified $62,300 and $63,300 as key short-term levels to watch, with Bitcoin currently trading near $63,028 just inside the upper edge of that band.

Daan also noted that measured against the S&P 500, Bitcoin is down roughly 60% from its relative highs set last year. To return to that peak performance versus the index, he calculated that Bitcoin would need to trade near $148,000 today, which is 135% higher than the current price.