Bitcoin (BTC) hit a multi-day high of $ 58,300 overnight on November 25, with investors betting on the possibility of the next decline.
Data from Cointelegraph Markets Pro and TradingView show BTC / USD hovering above USD 57,000 on Thursday, issuing lower lows on the daily chart.
According to the trader and analyst Rekt Funds, this indicates a “consolidation” of support at the current level, so hopefully still a more convincing turnaround.
grandfather told Twitter followers.
“In addition, today’s candle forms a higher low compared to yesterday’s candle.”
Sentiment shared Wednesday by crypto trading firm QCP Funds summed up possible short-term outcomes.
“So far, selling pressure has effectively limited any rally. The question is whether this will lead to a decline, “he wrote in a market update to the Telegram channel’s subscribers.
“We are betting that the market will consolidate rather than break down.”
As Cointelegraph reported, mixed signals came from the exchanges this week ahead of selling pressures, with large inflows and outflows marking an active market.
However, volatility remained at its lowest level in more than half a year, underpinning relatively stable price conditions.
Retest Solana-powered lame altcoins
Among the top 10 cryptocurrencies by market capitalization, Binance Coin (BNB) became the only standout coin, up 8% from last week.
Related: Bitcoin Price Index Requires “Strong Response” As $ 56K BTC Looks “Seriously Cheap”
Other tokens remained unchanged or suffered slight losses, led by Solana (SOL), which fell nearly 7% over the day to nearly $ 200.
For his colleague and analyst Pentoshi, macro factors could lead to a more visible stagnation in the crypto bull run.
“The funniest end to a crypto bull would be double digit inflation and people don’t understand why this could be due to risk to the asset,” he commented on Twitter. topic originally launched on November 16.
“Exactly what people are cheering at the expense of others could end this cycle.”
On Thursday, he affirmed the possibility of deflation in 2022.