After causing tremendous volatility at the end of October and most of November. Bitcoin has now entered a period of consolidation as its bulls and bears send BTC between the upper and lower limits of an adjusted trading range.
However, this period of lateral trading could end soon, as an analyst no longer realizes that Bitcoin is currently expressing several bearish signs. That could cause problems for its short-term price action.
Bitcoin inches as high as the BTC input consolidation phase
At the time of writing, Bitcoin is trading at just under 1% at its current value of $7,350, a slight drop from its daily high of $7,400.
In the short term, it seems that Bitcoin has established the $7,400 area as the relative resistance level. While the $7,200 area seems to be the support level for the cryptocurrency.
It has set a limit for lateral trade in recent days, reflecting a significant change in volatile trade seen steadily over the past few weeks, with the big rebound starting at a maximum of more than $7,300 to $10,600 at the end of October.
After this recovery, most of the bears were involved in the volatility caused by the BTC, since almost all profits were achieved during this price increase.
The way in which Bitcoin responds to its current trading range is in the trend in last weeks of 2019. Which may affect it later during 2020.
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