Bitcoin has been caught within a consolidation phase within the upper-$11,000 region for the past several days and weeks The cryptocurrency has been struggling to break above the heavy resistance that sits between $11,800 and $12,000 for the past several days This comes as investors once again focus their attention on altcoins – many of which have posted massive returns today It now appears that this consolidation phase may persist for a couple more weeks One analyst is noting that it may be mid-to-late August before BTC and ETH can rally higher

Bitcoin has been caught in the throes of an extended bout of sideways trading ever since its rejection at $12,000 last Saturday.

This has caused the cryptocurrency to see waning trading volume – which may be the result of traders shifting their focus towards small and mid-cap altcoins.

As for where the benchmark crypto may trend next, one analyst is cautioning against expecting anything too exciting in the near-term.

He believes that Bitcoin will likely trade sideways for roughly two weeks before it is able to lift off and start a new leg higher.

At the time of writing, Bitcoin is trading up just over 1% at its current price of $11,750. This is around the point at which it has been trading at throughout the past few days.

Bears have laced the region between $11,800 and $12,000 with significant selling pressure, and each venture into this area has resulted in firm rejections.

If Bitcoin is to surmount this in the near-term, there isn’t much resistance until it reaches $13,000.

One analyst explained in a recent tweet that he expects BTC to start slowly chipping away at this supply zone in the near-term.

“BTC: Nice S/R flip at a confluent level yesterday. 1H MS broke to the upside. Want to see $11.6k hold and then price move up to chip away at the 4H supply again. Still bullish.”

While speaking about the cryptocurrency’s ongoing consolidation phase, one analyst who forecasted the recent rally from $9,000 to $12,000 explained that he expects it to trade sideways for a couple more weeks before taking off.

“I’m a dip buyer if one occurs around the 15th of August give or take a few days, initial thesis looks promising. Until then I expect we remain in consolidating range/structure before the next larger price expansion and continuation by the 19/20th,” he explained.

Once Bitcoin does break above this near-term resistance it is currently facing, its next leg higher will likely come about in the form of a violent upswing to $13,000.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

227 +