Bitcoin Price Hinges on Geopolitical Uncertainty Amidst Consolidation

Global markets are entering a cautious holding pattern, with investors waiting for clarity on geopolitical events. This has led to crypto markets consolidating rather than making a directional move.

The daily chart of Bitcoin shows a long-term downtrend, with the price trading inside a descending channel and below both moving averages. The $75,000-$80,000 resistance band remains a key level for the asset.

However, on-chain analysis suggests that sellers may be exhausting themselves at current prices, with the Adjusted SOPR (aSOPR) printing values below 1.00. This has been seen in previous bear markets and could indicate a potential reversal is imminent.