Bitcoin Price's Trading Range Is Shrinking - Investors Nervous

Bitcoin remains sideways on August 24 as both buyers and sellers tried to trigger a breakout.

Spot Price Squeeze Impending

BTC/USD is hovering near $21,500 with Wall Street's opening bell, according to data from Coinactual Markets Pro and TradingView.

The pair, which did not show much movement in the previous 24 hours, has been moving horizontally for five consecutive days in a gradually narrowing range.

Order book data from Binance, released by on-chain tracking resource Material Indicators, shows that the status quo is starting to choke all exchange users, including whales.

As of the translation publication time, the buy orders approached the spot price, while the sell wall started to form at $21,600.

The result could be increased volatility either up or down, as liquidity shrinks the area where BTC/USD is traversing.

Popular trader Crypto Tony commented, “Not much has changed since yesterday, I'm waiting for another drop for the downside reversal to be out of possibility.”

Another investor, Crypto Ed, said that he was not convinced about the strength of the $ 20,800 bounce.

In his latest video, the investor shed light on potential entry points between the current spot price and the aforementioned lows. The investor added that Bitcoin could also see $22,000 before that.

The strong performance of the stock markets also reinforces the idea that risky assets are reborn.

Both the S&P 500 and the Nasdaq Composite Index rose with Wall Street's opening bell.

The one that can negatively affect the current situation is the dollar. After the US manufacturing data led to a short-lived decline, the US Dollar Index (DXY) began to make up for its loss and move towards breaking the new record of the last two decades.