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Analysts Wait To See If Bitcoin's Consolidation Phase Will End With Price Spike Or Drop
Summary: Earlier this week Bitcoin's volatility dropped to lows not seen since 2018 when the currency's price dropped below its support at $6,000. In October 2018, Bitcoin's price had been relatively stable for weeks, until a new wave of volatility shook up the market and the price plummeted by 42% over the course of two weeks, ...
Earlier this week Bitcoin's volatility dropped to lows not seen since 2018 when the currency's price dropped below its support at $6,000.
In October 2018, Bitcoin's price had been relatively stable for weeks, until a new wave of volatility shook up the market and the price plummeted by 42% over the course of two weeks, as reported by Cointelegraph. Some analysts are worried of this trend repeating today given that Bitcoin has been trading tightly within the lower $9,000 range this past month.
Consolidation phases like Bitcoin's are often followed by a spike or drop in price as bulls and bears bet either for or against the currency. Analysts are waiting to see how this phase ends and it is near impossible to tell whether there will be an upwards or downwards break.
By Emily Mason
Tags: Bitcoin,BTC
Link: Analysts Wait To See If Bitcoin's Consolidation Phase Will End With Price Spike Or Drop [Copy]
