Bitcoin analysts predict ‘prolonged’ consolidation phase for BTC price

💡 DMK Insight

Bitcoin’s struggle at key cost-basis levels signals a potential consolidation phase ahead, and here’s why that’s crucial for traders. With SOL currently at $78.45, the broader crypto market’s behavior could influence altcoins significantly. If Bitcoin remains range-bound, altcoins like SOL might also see limited movement, as traders often look to Bitcoin’s price action for direction. The consolidation could create opportunities for swing traders to capitalize on smaller price fluctuations, but it also raises the risk of false breakouts. Watch for Bitcoin to either reclaim support above its cost-basis levels or break below them, as this will likely dictate SOL’s next move. If Bitcoin breaks above its resistance, SOL could rally, but if it fails, expect SOL to follow suit with a potential downturn. Keep an eye on Bitcoin’s price action over the next few days; a decisive move could set the tone for SOL and the broader market. Traders should also monitor volume levels closely, as a spike could indicate a breakout or breakdown.