Bitcoin and the entire cryptocurrency market have lacked momentum throughout the past few days.
This consolidation has come about closely following the series of strong upwards movements seen just a few days ago that helped end its previous consolidation phase and push it past the resistance it faced between $11,000 and $11,200.
One analyst does believe that the next big movement that BTC makes will provide it with lasting directionality.
He even notes that the benchmark cryptocurrency will move like a “bulldozer” once this next trend-defining move is made.
Bitcoin Consolidates Around $11,400 as Buyers and Sellers Reach an Impasse
At the time of writing, Bitcoin is trading down marginally at its current price of $11,410. This is around where it has been trading throughout the past few days.
Its inability to garner any momentum has come due to the intense selling pressure that sits around $11,600.
Each attempt to move past this level has resulted in strong rejections, which indicates that a break above this level would hold some serious technical significance.
The lower-$11,000 region does seem to hold some support for Bitcoin, and it will require some serious selling pressure for it to be broken below.
Analyst: BTC Likely to See a “Bulldozer” Move Once It Gains Momentum
One analyst explained that the next movement made by Bitcoin could be critical for understanding its near-term trend.
He pointed to the ongoing volume compression seen by the crypto, noting that it indicates a massive move is on the horizon.
“BTC: 2nd major volume compression underway this year… Watch out for the bulldozer when this baby picks a direction,” he said.
Image Courtesy of Josh Olszewicz. Chart via TradingView.
The coming few days and weeks should offer analysts and investors insights into Bitcoin’s near-term outlook.
Featured image from Unsplash.Charts from TradingView.
