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.
Bitcoin Pushes Against Key Resistance as Consolidation Phase Persists
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.
Image Courtesy of HornHairs. Chart via TradingView.
Analyst: BTC May Consolidate for Weeks Before Starting Next Leg Higher
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.
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.
Featured image from Unsplash. Charts and pricing data from TradingView.
Originally from Bitcoinist.com https://ift.tt/3gHHqc2
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