Bitcoin's recent intense selling pressure has slowed down as cryptocurrencies are receiving some support in the $8,000 area, which seems to strengthen as Bitcoin touches near nearby support levels. Its price has gradually increased.
Analysts now point out that Bitcoin can express a pattern similar to what is currently seen in 2017, which could mean that it is emerging from its corrective period and entering another new uptrend, which is an estimate of history.
Bitcoin stabilizes on short-term support as the next phase of consolidation
At the time of writing, Bitcoin is trading at less than 1% of its current value of $8,562. Indicating a slight increase from its recent lows of $8,400 that was established during the recent decline it was. At that time, helped ease a moderate flow of pressure that slowed its decline.
It seems that Bitcoin is entering a new consolidation period again. Which could mean that it will be traded laterally around its short-term support level before moving at a faster pace.
This notion is supported by the fact that the BTC Bollinger band has hardened over time since its recent decline to its current level. Which generally indicates that a larger movement is imminent.
BigCheads, a popular cryptocurrency analyst on Twitter, talked about this in a recent tweet that points to the one hour BTC candle chart.
Will BTC soon see similar price action on that scene in 2017?
Bitcoin's recent price action could be according to a 2017 analyst who points out that a series of recent downward movements could mark a bus stop race. That would eventually lead to another big move.
Hornhair, a popular crypto analyst on Twitter, talked about this possibility in a recent tweet. Noted that Bitcoin may soon reduce its current corrective period.
The next few weeks will provide information on the validity of this possibility. As any increase in the current BTC levels could confirm that this corrective period is really over. And that additional gains are imminent.
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