Bitcoin Bears Laying the Groundwork for Further Losses as Bulls Lose Momentum

After incurring tremendous volatility throughout the latter part of October and the majority of November, Bitcoin appears to have now entered a period of consolidation as its bulls and bears send BTC between the upper and lower boundaries of a tight trading range.

This period of sideways trading may soon come to an end, however, as one analyst is now noting that Bitcoin is currently expressing multiple bearish signs that could spell trouble for its near-term price action.

Bitcoin Inches Higher as BTC Enters Consolidation Phase

At the time of writing, Bitcoin is trading up just under 1% at its current price of $7,350, which marks a slight decline from its daily highs of $7,400.

In the short-term, it appears that Bitcoin has established the $7,400 region as a level of relative resistance, whereas the mid-$7,200 region appears to be a level of support for the cryptocurrency.

This has led to a bout of sideways trading over the past few days, which marks a notable shift from the volatile…