The cryptocurrency market looked like it was going to have a good start to the weekend, but then, Bitcoin (BTC) and other major cryptocurrencies quickly fell back. Bitcoin is trading below $21,000 and is in consolidation mode, meaning that this drop to 2017 highs is not over yet.
BTC Market is In Consolidation Mode
The BTC market is currently in consolidation mode. This means that the price of BTC is not rising or falling rapidly. Instead, it is fluctuating between a certain range. Consolidation periods are usually followed by a period of price movement, either up or down. So, it is possible that the current consolidation period may be followed by a drop in BTC prices. Bitcoin Price Watch: Currency in Consolidation. Bitcoin is consolidating today and the outlook remains upbeat. A break above $7,000 would open the door to $7,400 while a slide back below $6,900 could push bitcoin back in bearish mode and towards $6,700 or lower.
Bitcoin Price Prediction Based on Seasonality – Is It Time to Buy? When we think about our different ways of transacting money with each other, there are many forms that come to mind. Some of them are so common that they seem almost insignificant; for example, cash [1]. We use cash for a variety of different things, but one of its primary purposes is as a currency for buying products from other people.
BTC Drops to 2017 Highs
BTC is currently in a consolidation phase after dropping to new 2017 highs. The market is still waiting for a breakout to either direction. A move above $2900 could take BTC to new all-time highs, while a move below $2700 could mean a retest of the $2600 support area.
In the meantime, traders should be patient and wait for a clear signal before making any decisions. Edit: BTC has broken above $2900 and is now trading at an all-time high of $2961. ETH is also continuing higher and remains above its main support at the $200 price level. All major cryptocurrencies are currently seeing solid gains and remain in good shape for the next few days.
According to Coinmarketcap, the total market capitalization of all cryptocurrencies hit a new record high today above $190 billion, while Bitcoin’s dominance slipped from 52% to 51%, despite the strong rally in BTC prices.
Ethereum Leads Strong Altcoin Market Bounce Back
ETH/USD, 4-Hour Chart Analysis
BTC Drops Below $21,000
The BTC market is in a consolidation phase and the recent drop below $21,000 isn’t over yet. The next target for the bears is $20,000 and below that, $19,000.
The bearish move has been attributed to profit-taking by investors who are cashing in on the recent rally. The move is also being fueled by technical selling as the market looks to test key support levels.
If the bears can push prices below $20,000, we could see a further sell-off to $19,000. Below that, the next major support level is at $18,000.
Crypto Market In For Consolidation Period
The crypto market is currently in a consolidation period, with prices fluctuating around the $10,000 mark. This is a good time to start accumulating Bitcoin, as prices are likely to continue to rise in the long term.
However, it is important to remember that the market is still in a bullish phase, and a drop to the $9,000 region could happen at any time. Therefore, it is important to be patient and wait for a good entry point. Once prices start to trend upwards again, there is potential for some big gains.
Conclusion
BTC is currently in consolidation mode after a recent drop to new lows. While the market may not be over yet, there are still plenty of opportunities for investors to take advantage of. So, if you’re thinking about investing in BTC, now might be a good time to do so.
~~~ DISCLAIMER ~~~ The information provided above is for informational purposes only and should not be taken as investment advice. It is not intended to be an investment advice, nor does it constitute a solicitation of an offer to buy or sell any financial instrument. While every care has been taken in the preparation of this material, no guarantee about the accuracy or completeness can be given.
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