Bitcoin has rallied strongly over the past few weeks. The leading cryptocurrency surged from $10,400 to $11,750. The coin now trades for $11,400 after a slight correction as buying pressure tapered off. Bitcoin is primed to move lower in the near term as it aims to set up another leg to this ongoing rally, analysts say. Crypto analysts think this is the case, along with analysts at JP Morgan. Bitcoin Primed to Move Lower Prior to Rally
Bitcoin is likely to move lower towards $10,700 after the strong $1,000 rally over the past 10 or so days. One crypto-asset trader recently shared the chart below, which shows that the cryptocurrency is consolidating after a strong leg higher.
The analyst thinks that recent price action is setting up for a move toward $10,700, where there is a pivotal moving average, the 0.5 Fibonacci Retracement, and the Point of Control of BTC’s volume profile over the past seven weeks.