RATE Group | This Technical Signal Suggests Bitcoin is Bound for a Massive Short-Term Movement
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This Technical Signal Suggests Bitcoin is Bound for a Massive Short-Term Movement

21 Jan This Technical Signal Suggests Bitcoin is Bound for a Massive Short-Term Movement

Posted at 19:49h in Bitcoin News by

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Bitcoin has found itself caught within a firm consolidation phase over the past several days, which has come about following the cryptocurrency’s recent rejection at $9,200. Following the downwards movement that resulted from this rejection, BTC has found some stability around $8,600.

In the near-term it is important to note that Bitcoin has found some notable support around $8,500, although its inability to post any decisive bounce following its recent drop does signal that further downside could be imminent.

It is likely that investors and analysts alike will soon know whether or not the markets will soon see an extension of Bitcoin’s recent upwards momentum, as one key technical indicator is now signaling that a massive movement could be imminent in the coming hours.

Bitcoin Gearing Up for a Major Movement as Price Continues Trailing Sideways

Currently, Bitcoin is trading down marginally at its current price of $8,650, which is around where it has been trading at…

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