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Bitcoin Trapped in Tight Range: Peter Brandt Warns of Bearish Signals

Veteran trader Peter Brandt highlights Bitcoin's stagnant price movement, warning of a potential bearish outlook amid tightening ranges and declining investor confidence.
Published on 2025-04-17

Bitcoin Trapped in Tight Range: Peter Brandt Warns of Bearish Signals

Veteran trader Peter Brandt has sounded the alarm on Bitcoin's recent price performance, likening it to the repetitive and uninspiring pattern described in Malvina Reynolds' 1960s song "Little Boxes." Brandt suggests that Bitcoin is trading in a predictable and confined range, with limited momentum to break higher.

Bitcoin's Price Stagnation

Over the past 30 days, Bitcoin has oscillated between $75,000 and $88,000, failing to surpass the $90,000 mark despite broader market movements. This lack of upward progress has raised concerns among investors, as the cryptocurrency struggles to regain its bullish trajectory.

Technical Analysis Points to Bearish Signals

Brandt's analysis reveals a descending triangle pattern, a formation typically associated with bearish outcomes. If Bitcoin fails to hold its lower support level, it could face further price declines. The coin is currently trading 23% below its all-time high (ATH) of $109,114.88, reached on January 19, 2025.

Market Sentiment Wanes

Bitcoin has not breached the $100,000 psychological level since early February 2025, facing repeated rejections at this resistance. As of the latest data, Bitcoin is priced at $84,420.20, reflecting a 0.17% drop in the last 24 hours. Trading volume has also declined by 1.65% to $24.4 billion, signaling waning interest.

Institutional Investors Show Caution

Institutional confidence appears to be dwindling, with a significant outflow of $171.1 million from Bitcoin exchange-traded funds (ETFs) as of April 16. This cautious sentiment among both retail and institutional investors further underscores the bearish outlook for Bitcoin in the near term.

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