BTC may trade in a range for now, analyst says

BTC is more likely to move in a range for the time being than post an immediate deep pullback after its recent strong rally signaled a possible trend reversal, crypto analyst KillaXBT said on X. Looking at the 2022 bottoming phase, KillaXBT said most lows were formed alongside a single strong upward candle, with a similar pattern appearing recently. At the time, BTC surged from $16,000 to $25,000 before correcting to $19,000, the 0.618 Fibonacci retracement level. If a similar pattern repeats this time, the downside may be limited, KillaXBT said, adding that BTC could form the lower end of a range at $70,000-$73,000 in the near term before attempting to break above $80,000.