Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
U.Today - Veteran trader Peter Brandt has dropped a bold comment about Bitcoin (BTC), the world’s leading digital currency. In his characteristic manner, Brandt was frank with his assessment of Bitcoin’s price performance, referring to BTC as an asset in a box.
Peter Brandt: Bitcoin Trapped in Tight Range
In a post on X, the legendary trader symbolically referenced Malvina Reynolds’ lyrics from the 1960s song ‘Little Boxes.’For clarity, the song projects the Little Boxes or identical-looking houses, which were cheap and poorly made in those days.
Drawing a parallel from it, Brandt noted that Bitcoin’s recent price movement has been stuck in a repetitive and uninspiring pattern. BTC has been stuck in a sideways movement instead of an upward trajectory.
In the last 30 days, Bitcoin has traded between $75,000 and $88,000, unable to breach $90,000 despite broader financial market events.
The lack of breakout momentum has raised concerns among investors in the ecosystem.
Brandt’s chart reveals that Bitcoin trades within a tight consolidation zone, with a descending triangle pattern forming. This is usually a bearish signal and could mean a further price plunge for BTC if the lower support fails to hold.
Brandt’s post effectively states that the leading digital currency trades in a boring and predictable pattern.
Market confidence wanes amid bearish signals
Interestingly, since the first week of February 2025, Bitcoin has not been able to breach the $100,000 psychological level. The coin has faced several rejections in its attempt to flip the resistance.Bitcoin is currently trading about 23% lower than its last all-time high (ATH) of $109,114.88, which it reached on Jan. 19, 2025.
As of press time, the Bitcoin price was changing hands at $84,420.20, representing a 0.17% decline in the last 24 hours.
Investors remain uninspired as trading volume is also down by 1.65% at $24.4 billion within the same time frame.
The caution extends to institutional players as a significant $171.1 million outflow occurred in Bitcoin exchange-traded funds (ETFs) as of April 16.