Over the past couple of weeks Bitcoin has been caught in an incredibly tight trading range between roughly $3,900 and $4,000, with strong resistance existing at the latter price point. Earlier today, BTC saw increased levels of volatility, but it has since stabilized back to the lower-$3,900 region.
One analyst is now pointing out that Bitcoin’s current price action is looking strikingly similar to that which was seen in early-November just prior to BTC’s price crash that sent it from over $6,000 to nearly $3,000.
Bitcoin Experiences Slight Levels of Volatility Before Stabilizing Above $3,900
At the time of writing Bitcoin is trading up marginally at its current price level of $3,930 and is up from its daily lows of slightly below $3,900. Earlier today, BTC experienced some slight levels of volatility after it quickly climbed to nearly $4,000 before being swiftly rejected and falling to below $3,900. It has since stabilized back to its current price levels.
Recently, analysts have been pointing out that the cryptocurrency’s recent price action is nearly identical to that seen in early-November of 2018, where BTC traded sideways at roughly $6,400 for an extended period of time before plummeting to lows of $3,200.
Moon Overlord, a popular cryptocurrency analyst, recently pointed this out, concisely stating that the crypto’s current price action is “feeling very similar [to] before the drop from…
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