Bitcoin Bears Laying the Groundwork for Further Losses as Bulls Lose Momentum

After incurring tremendous volatility throughout the latter part of October and the majority of November, Bitcoin appears to have now entered a period of consolidation as its bulls and bears send BTC between the upper and lower boundaries of a tight trading range. This period of sideways trading may soon come to an end, however, as one analyst is now noting that Bitcoin is currently expressing multiple bearish signs that could spell trouble for its near-term price action.

How Bitcoin responds to its current trading range may set the tone for how it trends throughout the final few weeks of 2019, which could subsequently impact how it kicks of 2020. Assuming that bulls fail to garner any notable momentum and break out of this range, the cryptocurrency may soon see significantly further losses that send it back down towards its recent lows of $6,500.

Timeline of Bitcoin