RATE Group | This Tiny Range Could Set the Tone for Where Bitcoin Trends in 2020
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This Tiny Range Could Set the Tone for Where Bitcoin Trends in 2020

23 Feb This Tiny Range Could Set the Tone for Where Bitcoin Trends in 2020

Posted at 01:33h in Bitcoin News by

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Bitcoin has found itself caught within the throes of a prolonged bout of sideways trading around $9,600 in the time following its recent flash crash that sent it reeling down from the $10,000 region to lows of $9,200.

This multi-day period of sideways trading has resulted from the formation of a small and strong trading range between roughly $9,550 and $9,730.

Now, one top trader is noting that the long-term significance of this range should not be discounted, as how it resolves could provide insight into where BTC trends in the year ahead.

Bitcoin Consolidates as Resistance Begins Building

At the time of writing, Bitcoin is trading down marginally at its current price of $9,650, which is around where it has been trading at since its significant drop seen last Wednesday.

As this period of sideways trading drags on, it has also decreased the cryptocurrency’s trading volume slightly, suggesting that traders are beginning to move to the sidelines while they wait to see where the crypto…

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