Categories: Crypto Review

Bit-comment: finding a consolidation

Bitcoin is trying to find a consolidation point to take a breather and determine where to go next. Over the weekend, “tug-of-war” between bulls and bears was clearly defined around the $ 12’000 round mark. However, in this case, the victory was more likely for the bears, because by the beginning of the new working week, Bitcoin still turned out to be at the bottom, $ 11’000. Of course, this level is quite a good achievement, since over the month the BTC still grew by an impressive 30%. The trading volumes of the benchmark cryptocurrency fell slightly from a historic high of about $ 46.5 billion, and now make up $ 29 billion. It is likely that the crypto market will still get a little time to take a breath.

Considering the alleged institutional origin of the current Bitcoin rally, the asset may not repeat the dynamics of December 2017, because the last time, starting at $ 11’000, BTC grew almost nonstop, seriously rolling away from around $ 18’000, and then reaching a historical maximum. At the moment, a variety of scenarios of asset behavior are possible. In the event that the overwhelming majority of investors entered the market at $ 3’000, current levels may turn out to be quite acceptable for them to take profits, and this can cause a large-scale collapse of the market.

AddThis Website Tools
The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team

Recent Posts

Video: Dollar and Indices are trying to find footing after the fall

The dollar experienced a sell-off but rallied back up by the end of the week.…

14 hours ago

What is next: BoJ, Fed, SNB & BoE Rates

The new week will be packed with economic data and decisions from key central banks.…

18 hours ago

Dollar attempts to rebound after oversold conditions

Despite economic factors working against the dollar, its oversold condition helped it this week or…

18 hours ago

USDCAD Wave Analysis – 14 March 2025

USDCAD: ⬇️ Sell - USDCAD reversed from key resistance level 1.4500 - Likely to fall…

19 hours ago

Solana Wave Analysis – 14 March 2025

Solana: ⬆️ Buy - Solana reversed from the long-term support level 113.75 - Likely to…

19 hours ago

Adobe Wave Analysis – 13 March 2025

Adobe: ⬇️ Sell - Adobe broke round support level 400.00 - Likely to fall to…

1 day ago