Ever since Bitcoin crashed from its 2019 highs of nearly-$14,000, the cryptocurrency has been caught in a bout of consolidation while investors watch to see whether bulls or bears win the ongoing battle and dictate BTC’s trend throughout the second half of 2019.
One analyst is now pointing to a relatively tight trading range that Bitcoin has established in recent times, and fundamental indicators may currently signal that bulls have an edge over bears, which could mean that crypto is well positioned for an imminent bull run.
Bitcoin Caught in Wide Range Between $10,100 and $10,600
At the time of writing, Bitcoin is trading down slightly at its current price of $10,320, which is right in the middle of a recently established trading range between $10,100 and $10,600 that has been formed over the past week or so.
Importantly, analysts are currently noting that the next trend may not be validated until the crypto posts a daily close above or below one of the aforementioned price levels, which is likely to happen in the coming days or weeks.
CryptoGainz, a popular analyst on Twitter, spoke about this range in a recent tweet, explaining that the next significant daily close will likely be emblematic of which direction the crypto trends next.
“Support and resistance clusters have already taken a heavy beating. I think next significant daily close trends,” he explained in a recent tweet.
https://twitter.com/cryptogainz1/status/1172313586326097920?s=21
Although it remains unclear as to which direction BTC will head next, while looking towards its fundamental indicators, it appears that bulls may currently have an advantage over bears, as the crypto’s hash rate just set a fresh all-time high yesterday.
Hash rate, which is commonly looked towards as an indicator of Bitcoin’s network health, has been rising consistently ever since the crypto began bouncing from its 2018 lows of roughly $3,200, and its ability to rise in spite of any massive price movements over the past couple of months may be a bullish sign.
As BTC continues to trend within its relatively tight trading range, the coming days and weeks will likely prove to be quite illuminating for which direction it will trend throughout the last several months of 2019.