Bitcoin ventured back into the $12,000 realm briefly yesterday but could not hold on to gains there. A slight retreat has kept BTC in its range-bound channel, however, the majority of the altcoins are getting crushed once again as wider crypto confidence crumbles.
Bitcoin Consolidation Continues
BTC hit an intraday high of $12,130 during US trading yesterday but failed to remain there and retreated back to $11,450 before rebounding again back to $12k. While it appears that the volatility has returned, bitcoin has traded within a thousand dollar range for the past four days.
According to Tradingview, bitcoin has rejected the $12k level again in a retreat to around $11,800 where it currently trades. This range is holding for now though but a failure to move above the resistance could spell a further pullback.
Aside from a few spurts higher, BTC has traded between $9,500 and $12,000 for six weeks indicating that the parabolic move is now over and further sideways trading could be…