By Yesterday, Bitcoin kick-started a decent recovery from the $8,813 low against the US Dollar, with prices climbing above the $9K pivot level to move into a short-term positive zone above $9,100.
Moreover, there was an eventual break above a vital bearish trend line at the $9,170 resistance zone.
Today, the BTC price exhibited some strength by temporarily surging up to $9,235, but at the time of writing, the top-ranked crypto is below the $9,200 resistance level and is trading at $9,152.
In the coming sessions, there is a risk of a bearish reaction if Bitcoin struggles to continue higher above $9,200, which could drag prices towards $8,800 or even $8,650.
On a bright note, BTC needs to surpass the main resistance near $9,300 to push into a positive zone. If the bulls succeed, there could be a remarkable uptrend towards $9,500.
Bitcoin Poised for Massive Move
While Bitcoin has seen some intense short-term volatility in past weeks, the flagship coin is still consolidating on a macro scale.
Nevertheless, this drawn-out consolidation is reaching a breaking point, with volatility indicators pointing to a Bitcoin move out of the $8,500 and $10K range.
According to analysts at “Bitcoin Bravado”, a prominent crypto research group, a “huge” move in the markets is coming soon as BTC volatility is currently at historic lows.
As per the researchers, crypto traders are currently waiting for a sign regarding where the next move is heading. They added:
“Any time Bitcoin volatility gets this low, it usually means something huge is on the way. […] Suffice to say, the window for placing your bets is quickly narrowing.”
More Analysts See a Big Move Coming
As we previously reported, on-chain analyst Willy Woo also shares the sentiment of a huge move after the current BTC consolidation breaks out. In fact, the analyst sees the next full-blown bull market commencing in a month.
With BTC geared up to see a major move, institutional investors have begun stacking up their chips in an attempt to capitalize on the looming move.
Comments