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Bitcoin (BTC) has been trading relatively range-bound for the past few weeks as the crypto market waits for new information to push the top crypto to new heights.
Trading volumes in the past 24 hours have retreated by 11% as BTC drops by 0.7% to sit near $118,000.
Data from Farside Investors shows that Bitcoin exchange-traded funds (ETFs) have experienced net outflows for two days in a row, breaking a long-dated streak. Nearly $200 million has been withdrawn from these vehicles between July 21 and 22, possibly as market participants have started to take some profits off the table.
The hourly chart shows a clear consolidation rectangle. This range-bound trading could persist for a while. This kind of pattern has no bias, but it is often an indication that the market is accumulating the underlying asset.
After making a new all-time high and considering the current supportive conditions, whales could be taking advantage of this consolidation to accumulate BTC before its next leg up.
The American session may provide additional direction to the price action as volumes tend to increase during this trading window.
Meanwhile, a promising crypto presale called Bitcoin Hyper (HYPER) has raised more than $4 million to launch a side chain that allows BTC holders to earn yield, stake, and lend their tokens seamlessly and safely.
