Bitcoin ($BTC) continues to trade within a defined range, catching the attention of traders as it hovers between a range low of $97K and a range high of $112K. A recent tweet from prominent crypto analyst Daan Crypto Trades provides valuable insights into the current market setup, highlighting critical levels to monitor for potential opportunities.
In his tweet, Daan Crypto Trades (@DaanCrypto) shared:
$BTC Still trading in its larger range. If we’d see a further pullback early next month then I am keeping a close eye on the $97K-$99K region. This has good confluence with the mid range, .382 fibonacci retracement from the move up, and the Daily 200MA which is catching up to that area. Alternatively I’d want to see a strong break above the all time high. But with this current sweep and rejection, as well as the place its trading at right now, I’d rather just take it chill and wait for the opportunities to come my way.
The chart accompanying Daan’s analysis shows Bitcoin recently sweeping its all-time high at $112K but facing rejection, signaling a lack of momentum to break higher. This rejection aligns with recent on-chain metrics reported by CoinDesk on May 14, 2025, which noted bearish divergence and declining open interest, hinting at a potential double-top pattern similar to the 2021 cycle peak. Such patterns often indicate a bearish reversal, adding caution to the current market sentiment.
Daan’s focus on the $97K-$99K zone as a potential support area is noteworthy. This region coincides with the .382 Fibonacci retracement level, the mid-range, and the 200-day moving average, creating a strong confluence for a possible bounce. KuCoin Learn’s insights on Fibonacci retracement further support this, noting its effectiveness in identifying static support and resistance levels in volatile crypto markets driven by sentiment and supply-demand dynamics.
For now, Daan’s strategy of patience—waiting for either a dip to $97K-$99K or a decisive break above $112K—offers a disciplined approach for traders navigating Bitcoin’s current range-bound movement. As the market evolves, these levels will be critical to watch for the next big move.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
