As Bitcoin (BTC) attempts to reclaim a key resistance area, an analyst has suggested that the end of BTC\u2019s two-month consolidation could be weeks away, potentially opening \u201cgenerational opportunities\u201d before the next bull run.<\/p>\n
On Monday, Bitcoin jumped 5% from Sunday\u2019s lows to a key area<\/a> for the first time in April. Notably, the flagship cryptocurrency has been trading between $62,000-$74,000 over the past two months but has not reached the upper end of its range since late March.<\/p>\n Now, BTC is retesting the $69,000-$70,000 resistance area, which could set the stage for a crucial short-term move. Market observer Ted Pillows stated<\/a> that if the cryptocurrency reclaims this zone, a rally towards $72,000-$74,000 could happen.<\/p>\n On the contrary, a rejection would likely see Bitcoin drop to the $65,000-$66,000 support zone, where price has held over the past month. In an X analysis, Ali Martinez noted that the UTXO Realized Price Distribution (URPD) shows the flagship cryptocurrency is \u201cstuck in a \u2018No-Trade Zone.\u2019\u201d<\/p>\n Per the post, \u201cthe URPD shows exactly where every BTC last moved,\u201d with a massive cluster of holders between $70,685-$63,111. \u201cAs long as we trade here, millions of holders are incentivized to defend their \u2018buy-in,\u2019 creating a natural floor,\u201d he added.<\/p>\n Nonetheless, analyst Max Crypto affirmed that BTC\u2019s \u201cdecision time is very close,\u201d suggesting that it could see its next big move<\/a> unfold in the upcoming weeks, based on its previous price action.<\/p>\n As he explained, the leading crypto has shown the same performance over the past year, consolidating for 8-15 weeks before the last four big moves. This time, Bitcoin has been moving sideways for 8 weeks, entering its 9th consolidation week on Monday.<\/p>\n Based on its previous performance, the market watcher considers that \u201cBTC\u2019s next big move will most likely happen by mid-April, irrespective of US-Iran talks, and will probably be to the downside.\u201d<\/p>\n In his X post, Martinez also analyzed<\/a> multiple patterns and on-chain metrics to map out BTC\u2019s high-probability accumulation zones and potential bottom.<\/p>\n Notably, he highlighted that Bitcoin is approaching its most significant support floor since 2017: an ascending trendline that has guarded its price for nine years, and every retest has preceded a parabolic expansion.<\/p>\nWhere Is BTC\u2019s Final Support Located?<\/h2>\n