Bitcoin moved close to 70,000 dollars on April 6, based on data from CoinGecko, but quickly pulled back, leaving traders stuck in the same range that has persisted for nearly two months.
Analyst Scott Melker explained that this kind of prolonged stagnation can be more damaging than a sudden price drop.
He described the current phase as a sideways trap, noting that since Bitcoin fell to around 62,353 dollars on February 5, there has been little meaningful movement. According to him, the market may still be in the early stages of this pattern and could continue for another hundred days or even break lower and restart the cycle.
Melker’s concern is not a sharp decline but the gradual loss of confidence that occurs when an asset shows no clear direction over an extended period. He compared the current situation to several past cycles.
One example followed Bitcoin’s rise to 14,000 dollars in 2019, when prices slowly declined over several months, repeatedly giving buyers hope before disappointing them again. Another instance came after the collapse of Terra in 2022, when Bitcoin traded between 18,000 and 22,000 dollars for nearly five months without any strong trend. A similar pattern appeared after the 2023 banking crisis rally, when Bitcoin remained within a narrow range between 25,000 and 30,000 dollars for more than 200 days.
In each case, investors were not shaken out by fear but by prolonged inactivity, as the lack of movement slowly eroded their conviction.
Recent price action reflects this uncertainty, with Bitcoin hovering around 69,000 dollars after briefly testing higher levels.
Melker also pointed out that there is no clear signal for traders at this stage. It is difficult to identify a definitive bottom, and market sentiment still leans slightly bearish. If prices continue to drift lower, expectations may adjust downward as well.
He highlighted the paradox of such market conditions. While extended consolidation can represent an accumulation phase, it rarely feels that way to participants. Price declines often continue longer than expected, and new lows can appear just when investors believe the bottom has been reached.
Other analysts remain cautious about the recent bounce. Ted Pillows identified the 69,000 to 70,000 dollar range as a key resistance zone, suggesting that if Bitcoin fails to break above it, the price could fall back below 66,000 dollars.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
