- Bitcoin enters consolidation period
- Bitcoin may correct lower before the next rally
- Ethereum (ETH) follows the price action of Bitcoin (BTC)
Bitcoin News Today – Last week, the valuation of the entire market cap increased by more than 40 percent to test a high of $267 billion. During this massive upsurge, about $77 billion was injected into the market. The price of Bitcoin (BTC) surged by more than 40 percent, while XRP and Ethereum saw gains of about 30 percent. Irrespective of the bullish impulse, these digital currencies entered a consolidation phase and they seem to be on the verge of a massive breakout.
Bitcoin May Have Resumed Its Macro-Uptrend
After a significant upsurge of over $3k from October 23-26, Bitcoin seems to have found a strong base within trading range. This range is defined by the upper and lower Bollinger Bands (BBs) that sit around the $9,450 and $9,055 levels respectively. As the BBs squeeze, which signals low volatility, they predict that a high volatility period could be underway. Trading between these resistance and support levels poses high-risk exposure and must be considered as a no-trade zone. If the price of BTC falls below the $9,055 level, there might be an increase in the selling pressure behind it, pushing it further to $8,550 or $7,900.
Bitcoin (BTC) Price Today – BTC / USD
On the other hand, an increase in trading volume that enables BTC to break over $9,450 could pave the way for more gains over the $10k or $10,800 mark. Recently, CCN reached out to an Amsterdam-based full-time digital currency trading – Michael van de Poppe – to get his view on the current state of the market. According to the technical analyst, Bitcoin (BTC) has bottomed out and it has already started a new upward trend.
For fun purposes just posting this.
Do we have the trendline already for the upcoming bullmarket? We've bounced from it at $7,300.
If that's so, target for halving would be $20,000-22,000.
And then we've got the bottom of this retracement. pic.twitter.com/0mKxdvgqVB
— Crypto Michaël (@CryptoMichNL) October 30, 2019
In his tweet, he said:
“Bitcoin (BTC) has bottomed out of the correction wave and it is currently in a range period. This means that the period is seemingly comparable with February-March of this year in which BTC makes some concise movement up or down, or continue going up afterward.”
Under the present conditions, the technical analyst believes that Bitcoin (BTC) could retest the $8,600 to $8,800 level before breaking upwards. However, the next price rally could push the price of the digital currency towards the $11k level, he added.
Ethereum Entered a Consolidation Period with Bitcoin (BTC)
Like Bitcoin, Ethereum also entered a consolidation period after a massive increase of about 30 percent. According to van de Poppe, Ethereum (ETH) recently broke out of a falling wedge pattern. As a result, an increase in trading volume could push the price of Ethereum to $230, he added.