• 15 June, 2024
Market News News

Bitcoin Consolidation Near ATH Sparks Potential Market Expansion

Daan Crypto Trades, a notable analyst in the cryptocurrency space, has brought attention to Bitcoin’s (BTC) prolonged consolidation near its previous cycle’s all-time high (ATH). This stabilization, lasting almost 100 days, has sparked discussions about potential market expansions. 

TechDev emphasizes the significance of Bitcoin consolidating at its prior ATH. This level of consolidation is often seen as a precursor to significant market movements. The extended period of stability could lead to a substantial expansion once the consolidation phase concludes, provided that the price breaks higher.

Alongside Bitcoin’s steady performance, altcoins (alts) are showing signs of expansion from a state of maximum macro compression. According to TechDev, the Relative Strength Index (RSI) for altcoins is poised to break above the 50 mark, indicating potential bullish momentum. This development suggests that while Bitcoin consolidates, altcoins may be preparing for significant upward movements, reflecting a broader market trend.

Throwing Light on Bitcoin’s Stock-to-Flow Model and Technical Analysis

Daan Crypto Trades supports this perspective, noting that prolonged consolidation periods generally result in larger expansions afterward. The key factor remains whether Bitcoin will break higher from its current consolidation phase. Should this occur, it could trigger substantial market activity, impacting not only Bitcoin but also the wider cryptocurrency landscape.

At press time, the price of Bitcoin is $67,641.15, and this extended period of stability could lead to significant market movements, provided a breakout occurs. Alongside Bitcoin, altcoins are also showing signs of potential upward trends, indicating a broader market shift.

Bitcoin’s price has seen a marginal decline recently, with a -2.51% decrease in the last 24 hours and a -1.85% drop over the past week. Despite this, Bitcoin is still outperforming the global cryptocurrency market, which has decreased by -6.10% in the same period. The current market cap for Bitcoin stands at approximately $1.33 trillion, backed by a circulating supply of 20 million BTC.

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