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Bitcoin

BITCOIN IS “REFINING” THIS BULLISH RANGE; COULD SOON POST A MASSIVE BREAKOUT

  • Bitcoin is currently in the process of consolidating as bulls and bears battle for control of its near-term outlook
  • Where the cryptocurrency trends in the mid-term will likely depend on whether or not bulls can once again push it above $19,000, as this has been a pivotal level for BTC
  • A sustained bout of trading below here could open the gates for serious losses, but many factors are all working heavily in the cryptocurrency’s favor.
  • One trader believes that BTC’s consolidation channel is about to run out of room, which could mean that a massive push higher is imminent
  • For this to come to fruition, the crypto must continue its pattern of setting higher-lows

Bitcoin has been caught within an intense bout of sideways trading over the past couple of weeks.

This comes as the upper-$19,000 region’s resistance remains quite intense, while the buying pressure in the mid-$18,000 region continues holding strong.

Its consolidation phase has been narrowing greatly as of late, which is a sign that may indicate a massive movement is imminent in the near-term.

One trader believes that a massive movement is imminent in the near-term, as the cryptocurrency’s channel is rapidly narrowing.



BITCOIN STRUGGLES TO HOLD ABOVE $19,000 AS SELLING PRESSURE RAMPS UP 

At the time of writing, Bitcoin is trading down just under 2% at its current price of $18,900.

Overnight, the cryptocurrency dipped as low as $18,600 before it found some massive support that helped push it higher.

The fact that there is support here is quite bullish and may indicate that upside is imminent in the near-term.

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