Is it a good time to buy Bitcoin at this price?

Over the past 2 weeks, Bitcoin (BTC) has maintained a tight price range showing significant support and resistance levels.

These levels represent both tempting entry points and increased risk for traders as BTC navigates its next move.

"Credible Crypto”, a well-known analyst in the trading community of Bitcoin and cryptocurrencies, recently share situational insights. He warned of looming volatility, highlighting BTC's proximity to the upper end of the range, suggesting a potential short-term pullback to lower range support.

This caution stems from the observed sharp increase in open interest (OI), despite the current neutrality of the market. Such a scenario, according to Credible Crypto, sets the stage for a short or long squeeze, potentially leading to a breakout from the existing range.

In terms of forecasts, while acknowledging both bullish and bearish scenarios, Credible Crypto expressed a bullish bias. He shared his belief of a short squeeze that could push BTC to an upside breakout.

This analysis highlights the dynamic nature of cryptocurrency trading, where traders must navigate complex price patterns and market sentiment. Credible Crypto's insights offer valuable guidance for those seeking to capitalize on Bitcoin's next significant movement.

On the other hand, the BTC/USD daily chart shows a 3-month range between $60,000 and $72,000 with two deviations – one up to $73,805 and the other down to $56,535. Inside this larger range is the narrower zone that Credible Crypto mentions in its analysis.

Notably, this lower timeframe range has the same resistance at $72,000 and higher support at $66,000. The second is what the trader considers to be an ideal entry point into Bitcoin, should that ever happen.