Bearish on-chain trend seen at Bitcoin’s 2019 peak of $14,000 returns
BTC $19,371 (+1.2%) • ETH $599 (+0.7%) • XRP $0.62 (+5.7%)
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After falling as low as $16,000 last week and retesting $19,900 yet again, Bitcoin has begun to consolidate in the range around $19,000. Intraday volatility has dropped massively as investors are divided over what comes next for the leading crypto asset.
Altcoins have been enjoying this consolidation, with certain names in the decentralized finance space rallying by dozens of percent in the past few days alone.
But it may be time for Bitcoin to break out, especially as the weekend comes to an end and institutional players return to trading this market.
According to an on-chain analyst, Bitcoin is forming the same bearish signs that it saw near the 2019 highs at $14,000.
There are also some that fear the coin will face a correction at the end of the year as there are bearish news events coming to the fore regarding the regulation of this space. Many expect these regulations to deter prospective investors, which may result in muted Bitcoin growth.
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