- Bitcoin and the aggregated crypto market have been struggling to gain any significant momentum
- BTC has pushed off of its recent lows, however, it remains in a somewhat precarious position as its price continues trading sideways
- Where it trends next will likely depend largely on the stock market, which has had intense influence over its price action
- Still, its independent strength remains, as most on-chain indicators are flashing bullish signs
- One analyst is now noting that the crypto was just able to post an incredibly bullish technical crossover
- He notes that this crossover has an 80% success rate, which could mean a serious uptrend is imminent in the short-term
Bitcoin and the entire crypto market have been struggling to gain momentum over the past few days and weeks.
This has caused both bulls and bears to largely reach an impasse as BTC consolidates around $11,400.
Where it trends in the near-term may depend largely on its reaction to the resistance it faces around $11,600, as a continued bout of trading beneath this level could open the gates for it to see further downside.
One analyst, however, is noting that Bitcoin was just able to post an ultra-bullish technical crossover, which seems to indicate that a move higher is just around the corner.
Bitcoin Continues Consolidating as Stock Market Correlation Persists
At the time of writing, Bitcoin is trading up just under 1% at its current price of $11,450. This is around where it has been trading throughout the past couple of weeks.
The lack of momentum seen by BTC as of late has come about due to a consolidation phase within the stock market.
All eyes are closely watching to see if a phase 2 stimulus package is released in the near-term. Investors are also awaiting the results of the election before jumping into positions.
This Indicator Suggests BTC is About to Make a Big Push Higher
One trader recently explained that Bitcoin just posted a bullish TK cross above its cloud. He notes that this historically leads to a sharp upwards movement, with an 80% strike rate.
“Prior bullish TK recrosses with price above Cloud… you be the judge […] ill take the 80% hit rate.”
Chart via Josh Olszewicz. Source: BTCUSD on TradingView.
If history rhymes, this pattern indicates that serious upside could be right around the corner for Bitcoin.
Featured image from Unsplash. Charts from TradingView.
Source: Bitcoinist News