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Bitcoin reaches for $47K as analysts agree BTC price consolidation cannot last
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Bitcoin (BTC) recovered from new lows of $45,550 on Jan. 5 as analysts waited patiently for a "squeeze" to trigger fresh volatility.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to the previous day's levels near $47,000 on Binance at the time of writing.
The repeated dips had failed to unsettle market participants, who now turned to the prospect of an abrupt move up or down in the coming weeks. Volatility in a time of flat funding rates and record-high open interest on derivatives markets, they had said Tuesday, was all but a given.
"Think we enter a volatility squeeze by end of the month," analyst William Clemente forecast in part of comments on Bitcoin's Bollinger band chart.
A popular indicator which Clemente
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