Bitcoin (BTC) Price Analysis: Market Consolidation Phase Hints at a Squeeze Upwards

Bitcoin (BTC) has recently faced a bit of turbulence, dropping from its previous high of $63,000. However, the analyst of Crypto Banter's The Sniper Trading show said that  it's important to remember that the last low was around $49,000, and we are still maintaining higher lows, sitting comfortably at $59,000-$60,000.

Bitcoin price dropped sharply on Monday, following a weekend of relative calm. The world’s largest cryptocurrency fell to a low of $59,100 during the early hours, down from a high of $63,000 the previous day.

After a brief recovery, BTC was last seen trading around the $59,700 level, still down about 5% over the past 24 hours. The last lower high was around $49,000, and we are still maintaining higher lows, sitting comfortably at $59,000-$60,000. This indicates a temporary pullback rather than a major trend reversal, especially considering that the last low was at around $49,000.

The market seems to be in a consolidation phase, with a possibility for a squeeze upwards. The key now is to watch for any trend breaks, as these will signal whether we are heading for further downside or preparing for a new entry point.

A recent analysis by Crypto Banter’s The Sniper Trading show highlighted some interesting points regarding Bitcoin’s price action. The last low was at around $49,000, and we are still maintaining higher lows, sitting comfortably at $59,000-$60,000.

This, according to the analyst, indicates a temporary pullback rather than a major trend reversal. The market seems to be in a consolidation phase, with a possibility for a squeeze upwards. The key now is to watch for any trend breaks, as these will signal whether we are heading for further downside or preparing for a new entry point.

A key point to keep in mind is the recent big withdrawals of Bitcoin from exchanges. Today, over 14,600 BTC was taken off Coinbase, and in the past week, 56,000 Bitcoin have been removed from various exchanges. This type of event often leads to a strong market rally because it shows that long-term investors are holding onto their Bitcoin, reducing the supply available for others to buy.

Altcoins Waking Up

The last 24 hours have shown some promising movements in the altcoin market. Dogecoin, Thorchain, Cardano, and Casper have all shown amusing bounces. Immutable X and Optimism are also showing signs of recovery. The analyst said that these altcoins are worth watching, especially as Ethereum shows potential for a pop-up at any moment.

Here’s why the analyst is positive about these altcoins:

Optimism (OP) – Currently in a buy zone, showing signs of a potential breakout.

NEAR Protocol (NEAR) – After a recent drop, NEAR is back in a favorable buy zone.

Solana (SOL) – Solana has started breaking some short-term trends, indicating a good buying opportunity.

Thorchain (RUNE) – Bouncing nicely, but there is still time to enter before the trend breaks.

Pendle (PENDLE) – A strong buy signal with a recommended stop-loss below current levels.

Also Check Out: Can Bitcoin Avoid the typical ‘September Slump?’ Gareth Soloway Says $69K Incoming

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