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Bitcoin Holds Support as It Prepares for Its Next Move
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investopedia.comVolatility in bitcoin (BTC/USD) has fallen noticeably in the past six weeks as the pair has been range bound around a key price support zone. Low volatility usually leads to higher volatility, and given the price pattern, bitcoin is poised to move soon.
For the past six weeks or so, bitcoin has been consolidating around the bottom line support of a descending trend channel. This follows the completion of a 61.8% Fibonacci retracement of the 2019 rally, as the pair fell through $7,231.40 seven weeks ago before reaching $6,430 and holding. That low completed a 53.6% decline off the 2019 top and remains the most recent trend low.
The top of the range or resistance of the six-week consolidation is at $7,870.10, which is right around the bottom
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