Post-Halving Consolidation
After the Bitcoin halving in April, analysts observed a “post-halving danger zone” where the cryptocurrency lost 11% of its value. This was followed by an attempted breakout that was rejected at $71,500, the upper limit of a long-term consolidation phase.
Expected Consolidation Period
Analyst Rekt Capital predicts that Bitcoin will remain in consolidation for several weeks, potentially until 160 days after the halving. During this period, it is expected to trade between $60,000 and $70,000.
Opportunities for Investors
This consolidation presents opportunities for long-term investors to accumulate Bitcoin at relatively stable prices near the lower boundary of the range. Short-term traders can also capitalize on price fluctuations within the established support and resistance levels.
Current Market Overview
Bitcoin is currently trading at $68,720, with a 2.27% gain in the last day and a 6.90% increase in the last month. Despite these gains, trading volume has declined, indicating cautious investor sentiment. Bitcoin is approaching significant resistance levels as it consolidates within a narrow range.
