The cryptocurrency consolidation phase has narrowed in recent months as it was previously traded between $ 9,000 and $ 10,000. The current range is much smaller at around $ 9,000 to $ 9,300. Every attempt to cross these limits was short-lived. Analysts are now finding that Bitcoin is likely to put a violent end to this trend in the near future. This is because Bitcoin’s True Range Percentage has reached the lowest level in its history.
Bitcoin’s current consolidation breaks records
On 19 July, Bitcoin is quoted at $ 9,130. This roughly corresponds to the level at which it has been traded in the past few days. Both buyers and sellers have tried to override the narrow trading range that has formed between $ 9,000 and $ 9,300, but any move above or below these limits has been temporary. This has resulted in the benchmark cryptocurrency having one of the closest true ranks in its history.
BTC is facing massive movement in the short term: analyst
This sideways trading can be like a spring that winds up – the longer this happens, the greater the subsequent movement will be. An analyst now writes: He expects Bitcoin’s current trading range to disintegrate with a massive move.