BTC may rise this month as quiet trading sets up next major move

Bitcoin’s low volatility is not a bearish signal but part of a setup for the next major trend, on-chain analyst Sykodelic said. Sykodelic said the market is currently building a base and that low volatility should not be mistaken for a sign that Bitcoin has lost momentum. Instead, Sykodelic said strength has been building over the past 60 days for the next major move. Whether an inverse head-and-shoulders pattern is completed or BTC sees a pullback to the $60,500 support level, Sykodelic said it would not materially affect the longer-term trend. Sykodelic added the next major trend is likely to be upward and may begin this month.