12:18THE COUNTDOWN IS ON: BITCOIN HAS 3 DAYS BEFORE IT REACHES APEX OF KEY FORMATION
Bitcoin is seeing relatively lackluster price action today, with it consolidating within the mid-$30,000 region as altcoins all explode higher
The crypto has continued struggling to gain any serious momentum due to the heavy selling pressure around $40,000, which has sparked a consolidation phase.
This sideways trading bout has been bullish for altcoins, as many have posted notable gains as the benchmark crypto cedes some of its dominance over the market.
One trader is noting that this trend could last for a few more days until Bitcoin reaches the apex of a large triangle pattern that has been formed throughout the past few days.
BITCOIN STRUGGLES TO GAIN MOMENTUM AS CONSOLIDATION PHASE PERSISTS
Bitcoin has been hovering within the mid-to-upper $30,000 region for the past few days, with bulls and bears both being hit hard by a choppy bout of trading.
This has given rise to a market-wide boom amongst BTC’s smaller counterparts, with Ethereum leading the charge with a 7% surge against its BTC trading pair.
Many DeFi tokens have exploded higher, with Sushi, Aave, and others all setting all-time highs.
BTC LIKELY TO CONSOLIDATE FOR 3 MORE DAYS; HERE’S WHY
One trader explained in a recent tweet that Bitcoin could be on the cusp of seeing a major breakout rally, but that it will likely take a few days before this can take place.
In the meanwhile, he believes that altcoins will continue seeing further momentum.
Image Courtesy of Teddy. Source: BTCUSD on TradingView.
The coming few days should provide insights into where the market will trend in the mid-term, as any significant Bitcoin breakout or breakdown could send altcoins reeling lower.
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