{"id":424873,"date":"2020-05-22T23:00:41","date_gmt":"2020-05-22T23:00:41","guid":{"rendered":"https:\/\/wncen.com\/?p=424873"},"modified":"2020-05-22T19:34:57","modified_gmt":"2020-05-22T19:34:57","slug":"traders-expect-bitcoin-see-volatility","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/traders-expect-bitcoin-see-volatility\/","title":{"rendered":"Prepare for Turbulence: Here\u2019s Why Traders Expect Bitcoin to See Major Volatility"},"content":{"rendered":"
Bitcoin has entered what appears to be yet another consolidation phase within the lower-$9,000 region. The crypto is struggling to garner any momentum as its buyers and sellers both reach an impasse following its recent decline.<\/p>\n
It now appears that the crypto could be gearing up for a massive movement in the days and week ahead, as it is fast approaching two key moving averages that have historically sparked immense bouts of volatility.<\/p>\n
If history repeats itself, BTC could see an extended bout of choppy trading<\/a> followed by an upwards breakout.<\/p>\n Analysts do remain cautious about its near-term price action, however, due to yesterday\u2019s daily close breaking its market structure.<\/p>\n At the time of writing, Bitcoin<\/a> is trading up just over 2% at its current price of $9,210. This marks a slight climb from daily lows of $8,800, but a decline from recent highs of just under $10,000.<\/p>\n The cryptocurrency\u2019s ongoing downtrend came about after an extended period of consolidation within the mid-$9,000 region.<\/p>\n During this consolidation phase, Bitcoin\u2019s buyers made multiple attempts to propel the crypto past $10,000, but each one was met with heavy selling pressure that subsequently led its price lower.<\/p>\n This price decline was triggered by news of a Satoshi-era Bitcoin wallet moving 50 BTC.<\/p>\n The wallet has previously been dormant for over a decade and sparked concerns<\/a> that an early adopter could be gearing up to offload some of their holdings.<\/p>\n It doesn\u2019t appear that this was the case, however, but the technical damage done by the news-induced selloff appears to have altered the cryptocurrency\u2019s market structure.<\/p>\n One popular cryptocurrency analyst on Twitter explained<\/a> that yesterday\u2019s daily close led the crypto to sweep its highs and break its market structure.<\/p>\n \u201cBTC: Swept highs and broke MS on the daily close in the context of HTF resistance. Looks rough, sold some spot,\u201d he noted while pointing to the chart seen below.<\/p><\/blockquote>\nBitcoin Struggles to Garner Momentum as It Enters Fresh Consolidation Phase<\/strong><\/h2>\n