RE: Bitcoin succumbs or starts a new consolidation range?
If you look at recent flash crashes (recent one and also those two: in may and then september) then you will notice, that mass liquidation always end up consolidation period.
Overall market is still bullish. And I claim that because we're still at record high amount of BTC being stored outside exchanges (locked in defi's or stored at hard wallets).
Once market will start turning bearish, then we will witness inflow of crypto to exchanges. People will keep it in liquid form, ready to sell.
At the same time huge amount of liquidations, which just took place -> this wiped out many so called "bulls" and recent price movement has been greatly result of all those overleveraged long positions. I would not expect much aptite for risk this year = more sideway movements.
So it seem, that we see things in similar fashion.
Cheers, Piotr
Hello dear friend @crypto.piotr
Yes, the previous massive liquidations have led to consolidation zones, and this may not be the exception or at least I hope so, I think it is highly probable that this zone of 45K and 50K will remain in the zone for a couple of weeks. side before restarting the new upward rebound.
Best regards, you are well.