{"id":464026,"date":"2022-06-16T23:32:23","date_gmt":"2022-06-16T20:32:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-traders-expect-a-long-consolidation-phase-now-that-btc-trades-below-21k\/"},"modified":"2022-06-16T23:32:23","modified_gmt":"2022-06-16T20:32:23","slug":"bitcoin-traders-expect-a-long-consolidation-phase-now-that-btc-trades-below-21k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-traders-expect-a-long-consolidation-phase-now-that-btc-trades-below-21k\/","title":{"rendered":"# Bitcoin traders expect a \u2018long consolidation\u2019 phase now that BTC trades below $21K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a35a35bca449\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a35a35bca449\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-traders-expect-a-long-consolidation-phase-now-that-btc-trades-below-21k\/#%E2%80%9D_Bitcoin_traders_expect_a_%E2%80%98long_consolidation_phase_now_that_BTC_trades_below_21K_%E2%80%9C\" >&#8221; Bitcoin traders expect a \u2018long consolidation\u2019 phase now that BTC trades below $21K &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-traders-expect-a-long-consolidation-phase-now-that-btc-trades-below-21k\/#Expect_multi-month_consolidation_at_the_200-week_MA\" >Expect multi-month consolidation at the 200-week MA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-traders-expect-a-long-consolidation-phase-now-that-btc-trades-below-21k\/#Bitcoin_could_reclaim_25000_if_were_lucky\" >Bitcoin could reclaim $25,000, if we&#8217;re lucky<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-traders-expect-a-long-consolidation-phase-now-that-btc-trades-below-21k\/#The_RSI_1000_provides_a_bullish_sign\" >The RSI 1000 provides a bullish sign<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_traders_expect_a_%E2%80%98long_consolidation_phase_now_that_BTC_trades_below_21K_%E2%80%9C\"><\/span>&#8221; Bitcoin traders expect a \u2018long consolidation\u2019 phase now that BTC trades below $21K &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Crypto traders had a brief opportunity to pause and take stock of where things are on June 16 as the relentless selling that has hammered Bitcoin (BTC) and the wider market over the past week began to relent despite an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2022\/06\/15\/stock-market-futures-open-to-close-news.html\">ongoing sell-off in the traditional markets<\/a>.\u00a0<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that after climbing to a high of $23,000 in the early trading hours on June 16, the price of Bitcoin slowly trended down on diminished trading volume to hit a low at $20,765. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/8d21bd7e-b478-4cbd-9bd2-072416bf33c8.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Here\u2019s what several analysts in the market are saying about the outlook for Bitcoin moving forward as crypto traders try to determine if the bottom is in or if there is more downside ahead.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Expect_multi-month_consolidation_at_the_200-week_MA\"><\/span>Expect multi-month consolidation at the 200-week MA<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A macro perspective of the journey that Bitcoin has taken over the years and how its past can offer insight into the current market setup was discussed by analyst and pseudonymous <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> user Rekt Capital, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1537158326559162368\">posted<\/a> the following chart highlighting BTC\u2019s behavior near its 200-week moving average (MA).<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/f9b2422c-a47f-436f-8221-41dcb5fa985a.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-week chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Rekt Capital said, <\/p>\n<blockquote><p>\u201cIf #BTC continues to hold the orange 200-week MA as support and the black 200-week EMA figures as resistance\u2026 $BTC could form an Accumulation Range here, just like in 2018. This would enable multi-month consolidation to even as far as December 2022.\u201d<\/p><\/blockquote>\n<p>If this is the scenario that plays out, then crypto traders need not rush to accumulate BTC, a point noted by crypto trader and pseudonymous Twitter user Altcoin Sherpa, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AltcoinSherpa\/status\/1537443207130148864\">posted<\/a> several charts highlighting the amount of time that BTC spent in previous accumulation phases.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/72391962-ce7b-4c46-ad62-0cec473b00e8.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-week chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>The longest accumulation period noted by Altcoin Sherpa is the 287 day span outlined in the chart above. Other examples provided include the 133 days of accumulation between November 2018 and April 2019 and the 63 days of accumulation between May 2020 and July 2020.<\/p>\n<p>Altcoin Sherap said, <\/p>\n<blockquote><p>\u201cIt&#8217;s likely that you will get plenty of time to catch a bottom during the accumulation phase. #Bitcoin takes a while for its bottom to form and you should probably just go out and touch some grass instead of knife catching.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_could_reclaim_25000_if_were_lucky\"><\/span>Bitcoin could reclaim $25,000, if we&#8217;re lucky<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A more positive take on the latest developments for Bitcoin was offered by crypto trader Nebraskangooner, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Nebraskangooner\/status\/1537198916864720898\">provided<\/a> the following chart noting that the \u201clower Fibonacci level has been reached.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/4f0c0a15-7f89-476d-85c4-ac6e3e6f81e8.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-week chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Nebraskangooner said, <\/p>\n<blockquote><p>\u201cLet&#8217;s see if daily can close strong above resistance and then we have a chance for $25,000 and possibly mid $30K&#8217;s. For the first time in months, we might finally be ready for the bounce everyone has been calling for since $40K.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Further downside is expected, but multiple data points suggest Bitcoin is undervalued<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_RSI_1000_provides_a_bullish_sign\"><\/span>The RSI 1000 provides a bullish sign<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Another trader who has spotted a potentially bullish signal on the chart for BTC is pseudonymous Twitter user TAnalyst, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AurelienOhayon\/status\/1537495697729142785\">posted<\/a> the following chart highlighting the recent low for the relative strength index (RSI) 1000. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/665e5716-5eda-4658-bc6d-c3a57129f25b.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD vs. RSI 1000 1-day chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>TAnalyst said, <\/p>\n<blockquote><p>\u201c<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hashtag_click\">#Bitcoin<\/a> It is only on bottom days, BEFORE BULL RUNS, that the daily RSI(1000) is below 50. Today : RSI(1000) = 49.91. Conclude.\u201d<\/p><\/blockquote>\n<p>Based on the history of an RSI 1000 score falling below 50, the price of Bitcoin could soon begin to climb higher. <\/p>\n<p>Perhaps the best summary of the current state of the Bitcoin market and the confusion it is causing crypto traders was offered by crypto educator IncomeSharks.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>&#8211; At a price where shorting no longer makes sense. But also at a price that longing is still very risky. Unless using tight risk management this is a spot buy only zone for majority. It&#8217;s ok to wait for a trend to develop to start trading again.<\/p>\n<p>\u2014 IncomeSharks (@IncomeSharks) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IncomeSharks\/status\/1537458521016397825?ref_src=twsrc%5Etfw\">June 16, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The overall cryptocurrency market cap now stands at $905 billion and Bitcoin\u2019s dominance rate is 44.3%<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-traders-expect-a-long-consolidation-phase-now-that-btc-trades-below-21k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin traders expect a \u2018long consolidation\u2019 phase now that BTC trades below $21K &#8220; Crypto traders had a brief opportunity to pause and take stock of where things are on June 16 as the relentless selling that has hammered Bitcoin (BTC) and the wider market over the past week began to relent despite an&#8230;<\/p>\n","protected":false},"author":1,"featured_media":464027,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMTg0ODJmMjctMjRjZi00NjQ1LTgxYjYtOTk1MmZlM2VmMWVkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,75150,73785],"class_list":["post-464026","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/464026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=464026"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/464026\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/464027"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=464026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=464026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=464026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}