Bitcoin (BTC) has remained within a trading range this week, fluctuating between $68,350 and $71,500 as traders grapple with uncertainty regarding the next potential market direction.

Bitcoin's current stability appears to be forming within a Bull Pennant pattern, as seen on its daily chart. A bull pennant is a bullish continuation pattern characterized by price fluctuation within a symmetrical triangle range following a strong uptrend. The pattern typically progresses through three phases: pole formation, consolidation, and breakout.

As of March 29, BTC has entered the consolidation phase of the bull pennant pattern, indicating traders' evaluation of the sustainability of Bitcoin's bullish trend. This phase is marked by decreased market activity, reflected in declining trading volumes.

Recent trends show a transfer of BTC holdings from smaller investors (sharks) to larger investors (whales). While the number of addresses with 100-1,000 BTC holdings (sharks) has declined, whale accounts have surged, coinciding with increased investments in U.S.-based spot Bitcoin ETFs. This redistribution from sharks to whales could potentially enhance market stability and lead to gradual price increases, given whales' tendency to hold long-term positions.

Regarding future price movements, Bitcoin is expected to continue trading within the bull pennant formation in the near term. However, according to technical analysis, a breakout above the upper trendline could target $97,600 by May. Conversely, the weekly RSI suggests overbought conditions, indicating the possibility of further consolidation or correction in the coming weeks. Ahead of the halving event, BTC's price may consolidate within the $69,300-$67,850 range, with a clear breakout above the 1.00 Fibonacci line potentially pushing the price above $100,000.