Bitcoin’s consolidating price has a trader suggesting a big move is imminent, though uncertainty remains about the direction of BTC price in the coming days.
Bitcoin’s (BTC) price consolidation is signaling a major move ahead, though it could go in either direction, according to a crypto trader.
Two speculative events may tip the scales either way. One is likely further rate cuts by the US Federal Reserve, and the other is the possibility of the US government selling more seized Silk Road Bitcoin.
“Bitcoin is getting very compressed again after trading at this same price level for the past couple of days,” pseudonymous crypto trader Daan Crypto Trades stated in an Oct. 9 X post amid Bitcoin’s price hovering around the $62,000 price level.
