Bitcoin is currently in a consolidation process and is struggling to control its near-term outlook.
The medium-term performance of the cryptocurrency is likely to depend on whether the bulls can push it back above $ 19,000, as that was a crucial level for BTC.
A sustained trading boom down here could open the gates to serious losses, but many factors work hard in favor of cryptocurrency
One trader believes that BTC’s consolidation channel is about to lose its place, which could mean that a massive upward push is imminent.
For this to take effect, the cryptocurrency has to keep making higher lows.
Bitcoin has gotten caught up in intense sideways trading in the past few weeks.
This is because the resistance in the upper $ 19,000 region is still quite high, while buying pressure remains strong in the mid-US $ 18,000 region.
Bitcoin’s consolidation phase has narrowed a lot recently, which could be a sign that a massive move is imminent in the near future.
One trader believes that a massive move is imminent in the near future as the cryptocurrency channel is rapidly narrowing.
Bitcoin is struggling to stay above $ 19,000 with increasing selling pressure
Bitcoin is currently trading at $ 18,000. Overnight, the cryptocurrency quickly fell before it could find any support.
The fact that there is support here is positive and could mean an upturn is imminent in the near future.
The resistance at USD 19,000 is quite strong, however, and converting that level into support has proven to be a difficult task.
Bitcoin’s consolidation channel gets „out of hand“
A trader stated in a tweet that Bitcoin’s consolidation channel is running out of space – which could mean massive volatility is imminent.
He states that BTC will stay in this channel as long as he continues to see lower highs and higher lows. However, this trend can only continue for a certain period of time.
„BTC will continue to refine this area of consolidation … lower highs, higher lows, at some point we will run out of space.“