(Kitco News) – Bitcoin continued to coil tighter in early trading on Friday while traders and analysts tried to figure out when King Crypto would break out of its recent consolidation pattern.
BTC opened at $64,858.97 and spent virtually the entire overnight session trading in a narrow range between $64,300 and $65,017. After multiple attempts to break through resistance in the $64,700 area, it finally broke down shortly before 4 am EDT, setting a mid-session low of $63,529.84 just after 5 am.
More sideways chop ensued before Bitcoin set the session low of $63,353.50 just before 10 am EDT.
Bitcoin has since moved back into the middle of its daily range, last trading at $64,173.47 at the time of writing for a loss of 1.08% on the 24-hour chart.
Breakout or breakdown?
Crypto market experts are poring over the charts in an attempt to determine when the Bitcoin breakout, or breakdown, might happen.
“There is only so much more we can compress here on $BTC,” wrote analyst CrediBULLCrypto in an X post. “If this is indeed our bottom, we should see a breakout within 24-48 hours max.”
Adjusted the "key zone" to newly formed local supply,” he said, sharing the following chart.
“A breakdown from here and we will find ourselves in the "dream long" zone, the most probabilistic place for a full on reversal to form if we manage to get there,” he wrote.
“The charts look extremely similar to those in 2017,” trader and investor Mister Crypto wrote. “This suggests a big Bitcoin move and an alt season are inevitable, but patience is key.”
“Bitcoin season seems very close to bottoming out,” he said in a later post.
“Altcoin season will start next.”
But analyst RektCapital struck a cautious note on Friday morning, saying that BTC could see further downside in the near term.
“Strong rejection from this Lower High resistance yesterday to precede extra downside today,” he wrote. “Bitcoin isn't ready to end its June downtrend just yet.”
“But this is still the downtrend line to watch for a break once Bitcoin is ready to reverse to the upside,” he said.
