- Bitcoin’s price appears to have entered yet another consolidation phase as it trades between $11,400 and $11,600
- Its present lack of momentum comes close on the heels of the strong move higher that it posted last week
- The resistance above its current price level is quite intense, and this may mark an attempt from bulls to garner greater buy-side support
- Where the market trends in the mid-term will likely depend largely on whether Bitcoin’s consolidation phase results in a breakout or a breakdown
- One analyst believes that Bitcoin will move like a “bulldozer” once it can determine which direction it wants to trend next
Image Courtesy of Josh Olszewicz. Chart via TradingView.
Its inability to garner any momentum has come due to the intense selling pressure that sits around ,600.
One analyst does believe that the next big movement that BTC makes will provide it with lasting directionality.
The lower-,000 region does seem to hold some support for Bitcoin, and it will require some serious selling pressure for it to be broken below.
Bitcoin Consolidates Around $11,400 as Buyers and Sellers Reach an Impasse
This consolidation has come about closely following the series of strong upwards movements seen just a few days ago that helped end its previous consolidation phase and push it past the resistance it faced between ,000 and ,200.
Featured image from Unsplash.
Charts from TradingView.
He even notes that the benchmark cryptocurrency will move like a “bulldozer” once this next trend-defining move is made.
Analyst: BTC Likely to See a “Bulldozer” Move Once It Gains Momentum
“BTC: 2nd major volume compression underway this year… Watch out for the bulldozer when this baby picks a direction,” he said.
Bitcoin and the entire cryptocurrency market have lacked momentum throughout the past few days.
At the time of writing, Bitcoin is trading down marginally at its current price of ,410. This is around where it has been trading throughout the past few days.
Each attempt to move past this level has resulted in strong rejections, which indicates that a break above this level would hold some serious technical significance.
One analyst explained that the next movement made by Bitcoin could be critical for understanding its near-term trend.
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