Trading sideways for a while could be healthy for Bitcoin.
After its rise past $40,000, and a correction back to nearly $30,000, Bitcoin (BTC) has rebounded once again. Stalling before jumping back up past highs near $42,000 could be good for the asset, however, according to Brian Krogsgard, a trader and podcaster going by the name LedgerStatus on Twitter.
“Bitcoin’s correction was healthy in a strong bullish environment, mean reverting back to the 20 day moving average,” Krogsgard told Cointelegraph on Thursday. “With a strong bounce now, it is time to see if it will immediately continue upward, or spend longer in prolonged consolidation, which I believe would be healthy.”
Bitcoin barely surpassed $40,000 on Thursday morning before retracing slightly, falling back into the $39,000 range, according to TradingView.com data at time of publication.
Surpassing the $36,000 mark was an important move for the asset, according to comments from CryptoWendyO, a trader and analyst on Twitter. “Unless we reclaim $36,000