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Bitcoin price has been consolidating between $29.6k and $31.4k for the past 18 days, creating a significant breakout expectation. The Entity-Net Unrealized Profit and Loss (NUPL) indicator is also in the optimism-concern range; The market is optimistic about further upsides, but disappointment is mounting.
The probability of a sudden price drop (below $29k) is relatively low as more investors are sitting in the profits so there is no reason for panic selling. Bitcoin whales and even smaller addresses have seized the opportunity to accumulate.