Data from Coindegraph Markets Pro and TradingView shows BTC`s price action trying to consolidate overnight gains.
These prices topped out near $31,400 before the momentum faltered, keeping BTC/USD in a tight trading range.
While a new yearly high has yet to be made, market participants are bullish on lower time frames based on recent behavior.
Trading suite Decentrader even argued that Bitcoin "looks bullish in almost all time frames" on one of its proprietary trading tools.
Philip Swift, co-founder of Decentrader and founder of on-chain data resource LookIntoBitcoin, added on the same day: "It feels like the market is preparing to go higher."
Michaël van de Poppe, founder and CEO of trading firm Eight, predicts that a rapid rise will only occur when BTC/USD breaks out to new highs above $32,500.
[Bitcoin is consolidating well. There are some highs, but no acceleration," he concluded.
"Actual acceleration will occur above $32,500. Until then, it's just a slow process."
BTC/USD annotated chart. Source: Michaël van de Poppe/Twitter
Others continue to call for a re-emergence of lower levels in the second half of 2023, after the mid-term top. As Cointelegraph reported, an increasingly popular target for this year's highs is centered around the mid-$30,000s.
[The longer Bitcoin stays above $25,000 on a macro level, the more I lean toward a macro bottom," wrote popular trader Crypto Tony in his latest analysis on the topic.
"I still believe we'll see a bigger decline later in the year, but it's likely to be part of a larger accumulation zone."
Bitcoin/USD 1-week chart. Source: TradingView
Small entities snap up BTC supply
Meanwhile, the latest on-chain data from analytics firm Glassnode shows that smaller entities within the Bitcoin investor spectrum are accumulating.
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These [shrimps," defined as wallets containing less than 1 bitcoin, are currently rolling over 33,000 bitcoins per month.
According to Glassnode, the numbers stand out, "Only 130/5263 (2.5%) trading days saw large monthly position changes."
[This brings the total number of coins held by Shrimp to 1.33 million bitcoins," it added.
