RATE Group | Bitcoin is on the Cusp of a Major Price Movement
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Bitcoin is on the Cusp of a Major Price Movement

05 Jan Bitcoin is on the Cusp of a Major Price Movement

Posted at 08:29h in Bitcoin News by

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Bitcoin struggles to move out of the consolidation phase that began in late November 2019. Here’s what it would take to trigger a BTC breakout.

Bitcoin Technical Analysis

After peaking at nearly $14,000 in June 2019, Bitcoin went through a corrective period that saw its price drop over 50%. The significant selling pressure took BTC down to the 61.8% Fibonacci retracement level where it has been hovering over the past two months. This Fibonacci retracement area is considered by many traders as the ‘golden’ retracement zone due to the high probability of a rebound.

Yet, the buying pressure behind the pioneer cryptocurrency must increase to allow it to bounce off the current price levels. If volume indeed picks up, then Bitcoin could have the potential to surge to the 50% Fibonacci retracement zone that sits at $8,500.

Conversely, an increase in supply could push BTC below the ‘golden’ retracement zone. Such a bearish impulse could trigger a major sell-off sending this…

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