Bitcoin has entered the lower-$9,000 levels and this appears to be yet another consolidation phase. The flagship crypto is now struggling to gain any strength to accumulate more gains, as both its buyers and sellers reach an impasse following its recent downtrend.
Currently, it seems like BTC could be preparing for a massive price movement in the coming days and week. It is fast approaching 2 major moving averages that have historically triggered immense bouts of volatility. Should history repeat itself, BTC could see a prolonged bout of choppy trading, followed by an upward breakout.
This was noted by one prominent crypto analyst who recently explained that he believes BTC is about to see some “turbulence” in the days and weeks ahead before making a trend-defining bullish movement. According to him, the cryptocurrency is fast approaching 2 strong resistances, with its visit to these levels likely to trigger a large price movement.
The previous prolonged bout of consolidation seen earlier this month resulted in BTC price posting a notable rise that led it to surpass the $10,000 level. Should BTC remain above its cloud structure, it could be gearing up to rally higher in the coming sessions.
Though analysts remain cautious about the near term price action of this extended bout of choppy trading, another analyst also noted that its market structure has been broken as a result of yesterday’s daily close. He explained on twitter that yesterday’s daily close led BTC to sweep its highs and break its market structure.
At press time, BTC is just below 2% at its current price of $9,240. Though this marks a slight climb from its daily lows of $8,800, it has still declined from its recent highs of just under $10,000. The BTC price’s ongoing downtrend came about after an extended period of consolidation within the mid $9,000 zone. During this period, BTC bulls made several unsuccessful attempts to push the coin’s price above $10,000, which subsequently led its price lower.