Bitcoin in consolidation phase – analytics says
As a result of the recent aggravation of volatility, bitcoin approached $15 800, but then fell to $14 500 at some trading platforms. After that, the cryptocurrency was able to partially recoup and again exceeded $15 000. At this level, volatility weakened again, and the maximum that the coin was able to rise in price to $15 300. It`s means, that, maybe Bitcoin in consolidation phase
One of the players who provoked increased pressure on BTC was miners. They took part in the last sale of cryptocurrency, analysts from the CryptoQuant team previously reported this.
One of the traders, who introduced himself on Twitter under the nickname Big Chonis, drew attention to an alarm signal that indicates entering the Bitcoin in consolidation phase. It can be long and last several days or weeks.
Moreover, the subsequent aggravation of volatility will lead to the rollback of the coin. At lows, she will be able to gather strength and move on to growth, the analyst said in a tweet.
Consolidation is a sign of weakness, and as a rule, it ends with a drop in the value of the asset. According to trader forecasts, bitcoin can trade in a narrow range over the next few days and even weeks.
