Bitcoin investors can find trading clarity in these findings

The crypto market is already showing signs of uncertainty halfway through the first half of the week.

Bitcoin has already pulled back a bit in line with its current price channel, but this pullback has notably lower volumes and a lower range.

Bitcoin’s current performance is consistent with the uncertainty of whether it will continue to rally, or pivot.

Some analysts expect the market to continue to seek more downside as the Federal Reserve intensifies its quantitative easing.

This result is expected to continue to put more pressure on risk assets such as Bitcoin,

On the other hand, BTC saw a significant rally after the last FOMC meeting’s outcome.

These contrasting scenarios have culminated in the prevailing unpredictability. Bitcoin’s $22,863 price on August 4 was in the middle of the current support and resistance area.

Source; TradingView

BTC’s MFI indicator has flattened out near the 50% level, and the RSI is showing a similar outcome.

This is a reflection of the reduced outflows, and a closer look at Bitcoin’s on-chain metrics can help make sense of the market.

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Whales have increased their balance during bearish retracements, thus supporting their current range.

Addresses holding more than 100 BTC rebounded from a monthly low of 15,819 on July 28 to 15,856 by June 3.

Source: Glassnode

Bitcoin’s dormancy measurement also reveals that most of the Bitcoin that was accumulated, especially towards the end of July, has not moved.

The dormant value is currently near a four-week low. This is a sign that most BTC holders are optimistic about the potential upside.

The accumulation near today’s price level is confirmed by the drop in BTC’s realized profit in the first week of August.

It recorded strong peaks near mid-July as investors cashed out after the previous rally. The futures market has not been left behind by this wave of demand.

The open interest metric for futures registered a significant upside over the past four weeks.

Source: Glassnode

These observations explain Bitcoin’s rising floor price. Whales accumulating BTC is a healthy sign that can favor the bulls.

However, the market is still waiting for the uncertainty to dissipate, meaning there is still a significant possibility of a bearish outcome.

Bitcoin is likely to retest its current rising support line towards the weekend.

However, the ability to bounce back will depend on whether the market will depend on the prevailing sentiment. A pattern break may also be around the corner.