Bitcoin traders expect a ‘long consolidation’ phase now that BTC trades below $21K

A colorful kite Bitcoin

Bitcoin traders expect a ‘long consolidation’ phase now that BTC trades below $21K

Analysts say the entire crypto market is in for a very long consolidation and accumulation period following BTC’s current drop to 2017 highs.

Bitcoin traders expect a ‘long consolidation’ phase now that BTC trades below $21K

Crypto traders had a brief opportunity to pause and take stock of where things are on June 16 as the relentless selling that has hammered Bitcoin (BTC) and the wider market over the past week began to relent despite an ongoing sell-off in the traditional markets. 

Data from Cointelegraph Markets Pro and TradingView shows that after climbing to a high of $23,000 in the early trading hours on June 16, the price of Bitcoin slowly trended down on diminished trading volume to hit a low at $20,765.

Bitcoin traders expect a ‘long consolidation’ phase now that BTC trades below $21K

BTC/USDT 1-day chart. Source: TradingView

Here’s what several analysts in the market are saying about the outlook for Bitcoin moving forward as crypto traders try to determine if the bottom is in or if there is more downside ahead.

Expect multi-month consolidation at the 200-week MA

A macro perspective of the journey that Bitcoin has taken over the years and how its past can offer insight into the current market setup was discussed by analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart highlighting BTC’s behavior near its 200-week moving average (MA).

BTC/USD 1-week chart. Source: Twitter

Rekt Capital said,

The overall cryptocurrency market cap now stands at $905 billion and Bitcoin’s dominance rate is 44.3%

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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