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Home Technical analysis BTC

Bitcoin Bulls And Bears Reach Standoff, BTC Consolidates Below $20K

Tony Spilotro by Tony Spilotro
2 months ago
in BTC
Reading Time: 2min read
bitcoin bull bear
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Bitcoin volatility earlier in this week reached some of the most explosive price action in the asset’s history. In just a four hour window, the cryptocurrency rose and fell more than $1,000 each way, gyrating back and forth as buyers and sellers attempt equilibrium.

But after that powerful surge, indecision is showing through a reduction in volatility, and a tightening trading range. Bulls and bears are both in a standoff at this point, and either a drop is near, or $19,500 will finally give in as resistance. Here’s a look at how close the crypto asset is coming to a break in one direction or the other.

Bitcoin Price Action Pauses Under $20K, Bearish Or Bullish Consolidation?

Bitcoin price action has been more explosive than ever, resulting in the leading cryptocurrency by market cap setting a new all-time high price record.

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But after setting the new high, FOMO didn’t push price past $20,000 resistance. What the crypto community calls “OG whales” who bought BTC in the early days are selling, offsetting the enormous momentum from new retail money and institutional traders.

It has led to an impasse or standoff like situation between bears and bulls over the last 24 hours.

bitcoin bulls bears bollinger bands

The Bollinger Bands are contracting and gearing up for a big squeeze | Source: BTCUSD on TradingView.com

The chart above shows the declining volatility since the last large move, indicated by the Bollinger Bands contracting to a “squeeze.” As previous examples show, when the indicator coils, energy is released in either direction.

Related Reading | The Dollar Losing A Decade Long Trendline Could Send Bitcoin Skyrocketing

But which direction isn’t as clear. A low-timeframe symmetrical triangle could be forming, which doesn’t do much to help point to one path or another.

bitcoin bulls bears ta

A symmetrical triangle could provide the climax to the consolidation below all-time high | Source: BTCUSD on TradingView.com

What is clear, is that a strong enough break above $19,475, or a fall below $18,875, could trigger the decision-making move.

For those considering trading this madness, beware of false breakouts in either direction and look for additional confirmations such as high volume.

Related Reading | Ten Different Bearish Divergences Stack Against Bitcoin, But Drop Has Yet To Arrive

It is worth noting that consolidation below resistance is often bullish, and a sign that the asset is ready to break through it.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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