As the BTC price volatility hit a 7-month low, Bitcoin “consolidated” its support of $58,000
Bitcoin (Bitcoin) By November 25, it hit a multi-day high of $58,300 overnight, and investors bet that the possibility of a further sharp drop in prices is reduced.
Trader and analyst Rekt Capital believes that this indicates that support is “consolidated” at the current level, and therefore, hope that there is still a more convincing trend reversal.
“Bitcoin must have consolidated its support here, creating a long downward wick at the bottom of the black wedge structure and rebounding strongly,” he said Tell Twitter fans.
“In addition, compared to yesterday’s daily candlestick chart, today’s candlestick is forming a higher low.”
This sentiment was also shared by crypto trading company QCP Capital, which summarized possible short-term results on Wednesday.
“So far, selling pressure has effectively limited each rally. The question is whether it will lead to a downside breakout,” it wrote in a market update to subscribers of the Telegram channel.
“We are betting that the market will consolidate rather than break below.”
As Cointelegraph Report, The selling pressure signals issued by the exchange this week were mixed, with large inflows and outflows indicating a highly active market.
despite this, volatility Maintained at the lowest level in more than half a year, consolidating relatively stable price conditions.
Solana-led soft altcoin supports retesting
Among the top 10 cryptocurrencies by market capitalization, Binance Coin (Bitcoin) As a result, it became the only leader with an increase of 8% on a week-to-week basis.
Other tokens remained flat or showed slight declines, among which Solana (SOL) led the gains, which plunged nearly 7% to nearly $200 on the same day.
For Pentoshi, a trader and analyst, macro factors may lead to a clearer stagnation in the crypto bull market.
“The most lively end of the crypto bull market is double-digit inflation. People don’t understand why this is bearish on asset risk,” he commented on Twitter. String Initially started on November 16th.
“Something that people cheer for at the expense of others may end the cycle.”
On Thursday, he reiterated the possibility of possible deflation in 2022.