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Bitcoin Seems To Have Broken Out Of Its Months-Long Consolidation Pattern, Still Unclear What Comes Next
Summary: Bitcoin seems to have broken above its months-long consolidation phase in the lower $9,000 region. Analysts had been predicting that when the consolidation phase broke the currency would see either a massive spike or drop in price, but the break above $9,200 ended up being more mild. At the time of writing Bitcoin is trading ...
Bitcoin seems to have broken above its months-long consolidation phase in the lower $9,000 region.
Analysts had been predicting that when the consolidation phase broke the currency would see either a massive spike or drop in price, but the break above $9,200 ended up being more mild. At the time of writing Bitcoin is trading at $9,584.
While analysts are still unsure of whether a big price move is still in the near future, Bitcoin's recent on-chain metrics suggest a bull market.
A recent report utilizing data from Glassnode showed that investors are HODLing Bitcoin, suggesting they expect for the currency to gain value over the years. As Congress deliberates over a second coronavirus stimulus package Bitcoin bulls also believe that more mass printing of the U.S. dollar will boost Bitcoin's case as a safe haven asset.
By Emily Mason
Tags: Bitcoin,BTC,Consolidation Phase
Link: Bitcoin Seems To Have Broken Out Of Its Months-Long Consolidation Pattern, Still Unclear What Comes Next [Copy]
