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