On February 10, 2025, Bitcoin (BTC) continued to trade within a tight range, with the market demonstrating liquidity sweeps on both the ask and bid sides, as noted by crypto analyst Skew Δ (@52kskew) on X (formerly Twitter) [1]. Specifically, BTC/USD reached a high of $99,450 at 09:30 UTC before retracing to a low of $98,700 by 11:00 UTC, indicating the ongoing volatility within this range [2]. The liquidity sweep on the ask side occurred at $99,500 at 09:45 UTC, while the bid side sweep was observed at $98,650 at 10:45 UTC [3]. This activity suggests that traders are actively testing the boundaries of the current range, looking for a breakout. The critical levels to watch in the coming days are the $99,000 to $100,000 range, as a reclaim of these levels could signal a significant change in market dynamics [1]. Additionally, the trading volume for BTC/USD on February 10 was approximately 25,000 BTC, slightly higher than the average of 23,000 BTC over the past week, indicating increased interest in the current price action [4]. The BTC/ETH trading pair also showed similar range-bound behavior, with BTC/ETH trading between 17.5 and 18.0 ETH during the same period [5]. On-chain metrics further corroborate this range-bound scenario, with the Bitcoin Realized Cap showing stability at around $700 billion, suggesting no significant accumulation or distribution by long-term holders [6]. The MVRV ratio, which measures market value to realized value, stood at 2.5, indicating that Bitcoin is still within a reasonable valuation range [7]. The market sentiment, as reflected by the Crypto Fear & Greed Index, was at 55 (neutral) on February 10, suggesting a balanced view among investors [8].

The trading implications of this range-bound activity are significant for short-term traders. The liquidity sweeps observed on both sides of the market indicate that there is active participation from both buyers and sellers, potentially setting the stage for a breakout [1]. Traders should closely monitor the price action around the $99,000 to $100,000 levels, as a sustained move above this range could trigger a bullish momentum shift, while a failure to reclaim these levels might lead to further consolidation or a bearish move [1]. The increased trading volume on February 10 suggests that market participants are actively engaging with the current price action, which could lead to increased volatility in the near term [4]. The BTC/ETH trading pair's behavior also provides additional insights, as a break above 18.0 ETH could signal a shift in market sentiment towards Bitcoin relative to Ethereum [5]. On-chain metrics such as the Realized Cap and MVRV ratio suggest that the market is currently in a state of equilibrium, with no significant imbalances that could lead to a sudden price movement [6][7]. The neutral Crypto Fear & Greed Index further supports the notion that traders are cautiously observing the market, waiting for a clear signal before committing to larger positions [8].

From a technical analysis perspective, Bitcoin's 4-hour chart shows a clear consolidation pattern within the $98,700 to $99,500 range [2]. The Relative Strength Index (RSI) on the 4-hour timeframe is hovering around 50, indicating a lack of clear directional momentum [9]. The Moving Average Convergence Divergence (MACD) is also flat, with the MACD line and signal line closely aligned, suggesting a lack of strong bullish or bearish signals [10]. The trading volume, as mentioned earlier, was slightly above average at 25,000 BTC on February 10, which could indicate that a breakout is imminent [4]. The Bollinger Bands on the 4-hour chart are also narrowing, with the upper band at $99,600 and the lower band at $98,600, further supporting the notion of an impending volatility expansion [11]. The BTC/ETH trading pair's volume was around 1.5 million ETH on February 10, which is in line with recent averages, suggesting that the market is also range-bound in this pair [5]. The on-chain metric of the Bitcoin Realized Cap at $700 billion and the MVRV ratio at 2.5 provide a stable backdrop for this consolidation phase [6][7].

References:
[1] X post by Skew Δ (@52kskew) - February 10, 2025
[2] BTC/USD price data - CoinGecko, February 10, 2025
[3] Liquidity sweep data - TradingView, February 10, 2025
[4] BTC/USD trading volume - CoinMarketCap, February 10, 2025
[5] BTC/ETH price and volume data - CoinGecko, February 10, 2025
[6] Bitcoin Realized Cap - Glassnode, February 10, 2025
[7] Bitcoin MVRV ratio - CryptoQuant, February 10, 2025
[8] Crypto Fear & Greed Index - Alternative.me, February 10, 2025
[9] BTC/USD RSI - TradingView, February 10, 2025
[10] BTC/USD MACD - TradingView, February 10, 2025
[11] BTC/USD Bollinger Bands - TradingView, February 10, 2025