Bitcoin price consolidation leans towards ‘another leg higher.

Bitcoin is still far from its $67,000 all time high, but analysts believe historical data and fractals point to “another leg up”.
Bitcoin (BTC), the price entered what traders believe to be a “consolidation stage” as investors lock profits after a non-stop price rise that began Oct. 1 and saw BTC grow 55% in three weeks. Cointelegraph Markets Pro and TradingView data show that Bitcoin’s price fell to $63,300 on Friday, after a wave of midday trading. Source: TradingView. Here’s what market analysts are saying about Bitcoin’s current price action for the short-term. Source: TradingViewHere are the opinions of market analysts about Bitcoin’s current price action. Decentrader said that the recent spike in derivatives funding has “reset towards more equal levels”, with open interest remaining in line to the uptrend. This helps reduce the risk of Bitcoin going lower. Analysts believe that a weekend push higher will be met by initial resistance at $65,000. This is the 61.8% retracement of $66,800 and the highest value area of the range. Any corrections towards $50,000 are buying opportunities. Price appreciation into low funding combined with increasing open interest suggests that Bitcoin could trade like gold. Financial analysts often compare the release of a Bitcoin ETF to the release the first gold ETF. Bloomberg Intelligence: “We see BTC on track to trade like gold.” Source: Bloomberg IntelligenceBloomberg Intelligence said:”We see BTC on track to trade like gold.”Related: Analysts hold their $250K Bitcoin price target even as BTC falls below $60KShort term pullback between $56,000 and $59,000Insight into what may come next for BTC in the short term was provided by Cointelegraph contributor Michael van de Poppe, who posted the following chart outlining the lower area of support to keep an eye on for a good re-entry point. Source: Twitter. Source: Twitter. Van de Poppe stated that the $64,000 level was a critical level for the price to break below, which it did not do. He said that a corrective move was taking place. “Overall, I think $56,000 to 59,000 is a good place to buy.” You should do your own research before making any investment or trading decision.

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