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Bitcoin Price Consolidates as Hash Rate Hits ATH

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Bitcoin price consolidation

Bitcoin price spent the weekend consolidating as the action has all gone sideways for the time being. There was another dip down below $11,000 yesterday but BTC recovered back as it heads towards resistance once again.

Bitcoin Price Trading Sideways

An intraday high of $11,730 was touched a few hours ago but BTC could not hold there and has fallen back below $11,300 again where it currently trades 00. The move marked another lower high which has kept the downtrend intact for now.

BTC price 1-hour chart – Tradingview.com

Daily volume has dipped below $20 billion, half of what it was late last month, and market cap is still at $200 billion. The correction has all the signs of continuation and a clear level of resistance has formed at around $11,700 where the 0.768 Fib level is.

Trader ‘CryptoFibonacci’ has noted this on the four-hour chart.

“$BTC 4 hour Chart. Downtrend line and the 78.6 Fib retrace are both a brick wall for the moment.”

On the same chart, BTC is currently sitting right on the 50 moving average. Support at the 200 MA is at around $9,800 so this could be another target. Josh Rager has looked at longer time frames which are still bullish despite the current bearish mood.

“Not for sure why there is some overly bearish sentiment with Bitcoin right now just b/c price has failed to move up to retest local highs. The daily and weekly charts look fine. Nice green candles on both, doesn’t look bearish to me. Still neutral leaning bullish atm,”