Bitcoin currently shows characteristics of bullish consolidation. Following a notable upward move after the election , the price action has entered a phase of sideways trading within a defined range since inauguration.
This period allows the market to digest recent gains and for buyers to accumulate further positions before the next anticipated leg up. Technical indicators, while showing a temporary pause in upward momentum, generally remain supportive of a bullish continuation, with key support levels S1-75k, S2-100k holding firm. The consolidation phase, marked by decreasing volatility, often precedes a strong directional move, suggesting that Bitcoin is coiling for another potential surge.
This period allows the market to digest recent gains and for buyers to accumulate further positions before the next anticipated leg up. Technical indicators, while showing a temporary pause in upward momentum, generally remain supportive of a bullish continuation, with key support levels S1-75k, S2-100k holding firm. The consolidation phase, marked by decreasing volatility, often precedes a strong directional move, suggesting that Bitcoin is coiling for another potential surge.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.