Bitcoin Hovers at $84K as Traders Debate Market Direction

Bitcoin (BTC), the largest cryptocurrency by market cap, has broken a multi-month downtrend and retested it as support, typically a bullish signal. However, not everyone is convinced. Veteran trader Peter Brandt responded to the development with a sarcastic yawn emoji, downplaying the significance of the move. Brandt likened Bitcoin’s recent price behavior to “little boxes made of ticky-tacky,” referencing the asset’s monotonous sideways movement.

Over the past month, Bitcoin has been trapped between $75,000 and $88,000, failing to break the key $90,000 resistance. In April, BTC twice dipped to the $74,000 range before rebounding. On April 12, it reached a high of $85,909 and has since hovered around $85,000. At the time of writing, Bitcoin is trading at $84,308, down 1.16% in the past 24 hours amid broader market selling pressure. Nearly $138 million in crypto derivatives were liquidated, reflecting ongoing uncertainty.

According to analyst Rekt Capital, Bitcoin's recent structure suggests a bullish setup. Yet, Brandt’s dismissive reaction highlights the prevailing sentiment of skepticism. Meanwhile, Glassnode data shows that the volatility-adjusted Net Realized Profit/Loss indicator has returned to its long-term median, signaling that the market may be at a pivotal point.

This median reset is often seen as a mean reversion event and could mark a moment for bulls to either reclaim momentum or risk a deeper correction. As Bitcoin consolidates in a narrow range between $82,765 and $86,491, the next decisive move could determine the short-term trend direction. Traders are watching closely, with sentiment split between optimism and caution as BTC sits at a critical support zone.