Is The Big Move That Will Take Bitcoin (BTC) To The Bull?


Bitcoin’s price has been caught in an incredibly tight consolidation phase over the past few weeks, during which multiple trend catalysts have emerged showing both a bearish and an upward trend, but none have provided BTC with significant momentum.

Analysts now point out that this situation will not last long, and many expect a big move in the coming days or weeks. A trader also believes that the next move can set the trend over a long-term period.

Just a few weeks ago, lawsuit reports on the CFTC’s BitMEX founders surfaced. This shook the market for a short time, causing Bitcoin to jump from $ 10,900 to $ 10,400.

Since then it has compensated for the vast majority of these losses.

Yesterday, the public company Square’s purchase of $ 50 million worth of BTC to hold as a reserve asset only raised the price of the cryptocurrency by about 1%.

Despite the intensity of this horizontal trade, one analyst believes a trend that defines the movement is imminent.

Bitcoin Price Stuck In Tight Trading Range

At the time of writing, Bitcoin is trading at $ 10,875. This marks a good uptrend after the most recent low of $ 10,630, but not big enough to nullify the cryptocurrency’s consolidation phase.

The macro consolidation phase between $ 10,200 and $ 11,200 is still underway, and which of these levels breaks first will likely determine where BTC trends are in the near term.

Discussions on the future of a potential second incentive package in the US could affect Bitcoin’s trend in the near term.

Analyst: BTC Volatility Coming Soon
A popular analyst shared his thoughts on when Bitcoin could make a big move, noting that he was watching a trend-setting break or collapse ahead of this weekend.

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“I think that given this prolonged squeeze situation, BTC will have a big leap ahead of the weekend. Either way, I doubt we’ll retest. ”


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