Bitcoin\u2019s recent bout of intense selling pressure has slowed as the crypto finds some support within the lower-$8,000 region, which appears to be holding strong as its price has been able to slowly inch higher in the time since BTC touched its near-term support level.<\/p>\n
Analysts are now noting that Bitcoin may currently be expressing a similar pattern to that seen in 2017, which could mean that it is exiting its corrective period and entering another fresh uptrend, assuming that history rhymes.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up under 1% at its current price<\/a> of $8,562, which marks a slight climb from its recent lows of under $8,400 that were briefly set during its recent drop, at which point it incurred a slight influx of buying pressure that helped slow its decline.<\/p>\n It does appear that Bitcoin is once again entering a fresh consolidation period, which may mean that it will trade sideways around its near-term support level before it incurs another swift movement.<\/p>\n This notion is supported by the fact that BTC\u2019s Bollinger Bands have been tightening up in the time following its recent drop to its current levels, which typically signals that a big movement is imminent.<\/p>\n Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet while pointing to BTC\u2019s one-hour candle chart.<\/p>\n \u201c$BTC #Bitcoin – Bands are tight on the 1 hour,\u201d he explained while referencing the below chart.<\/p><\/blockquote>\n $BTC<\/a> #Bitcoin<\/a> – Bands are tight on the 1 hour pic.twitter.com\/lWCWbbiXRi<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) November 16, 2019<\/a><\/p><\/blockquote>\n\n