The United States' equities markets are on a recovery path. The S&P 500 Index (SPX) surged 2.50% last week to record its best week since June. Even though Bitcoin (BTC) also attempted a relief rally, the bulls could not sustain the higher levels. In the end, Bitcoin finished the week with a marginal loss of 0.5%.

One of the main reasons Bitcoin gave back its gains was because the Securities and Exchange Commission delayed its decision on all spot Bitcoin exchange-traded fund applications. However, this has not dented the expectations of analysts.

In a recent note, JPMorgan analysts said that the regulator will eventually approve several Bitcoin ETFs.

Daily cryptocurrency market performance. Source: Coin360

The short-term price action in Bitcoin remains in flu. But that has not deterred the long-term investors who have held onto their stockpile. Glassnode data shows that the currently mined supply dormant for three years or more has hit a new high of 40.538%.

Could Bitcoin break out of its range in the next few days? What are the important levels to watch out for? Let’s analyze the charts to find out.