The market and traders have yet to rebuild their confidence following the FTX exchange event and the resulting selling pressure. Furthermore, many traders anticipate BTC prices of 13-14 thousand dollars, so they avoid large purchases in these zones.
According to the previous week’s analysis, Bitcoin made an upward correction to close the CME gap, but there is a chance of continuing up to the price of $15,500. Following that, we should expect a stronger bullish trend for BTC in the next week.
Also, macroeconomic statistics and the recent FOMC meeting are all in favor of the market’s climb, but due to bTC’s prior dramatic loss, it needs to gather purchase orders to hike, and its range in these zones is a form of accumulation phase, and is normal and expected.