Forex and Crypto News

Bitcoin traders expect long-term consolidation

20:34 11 November /2020

As a result of the recent escalation of volatility, Bitcoin reached $15800, but then the price declined to $14500 on some trading platforms.

After that, the cryptocurrency was able to partially recoup and again exceeded $15000. At this level, the volatility again weakened, however, the price of Bitcoin rose to $15700.

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Miners were one of the players who provoked increased pressure on BTC. They took part in the latest cryptocurrency sell-off, analysts from the CryptoQuant team previously reported.

Now the pressure has eased, and many traders fear that Bitcoin's consolidation could take a long time.

Traders pay attention to the alarm signal, which indicates the entry into the phase of consolidation. It can be long-lasting and last for days or weeks.

Moreover, the subsequent aggravation of volatility will lead to a rollback of the cryptocurrency. At the lows, BTC will be able to gather strength and move on to growth.

Consolidation is a sign of weakness, and as a rule, it ends with a fall in the value of the asset. According to the trader's forecasts, Bitcoin may be trading in a narrow range over the next few days and even weeks.

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