Price analysis

Bitcoin continues to wind tighter and tighter as both price and volume consolidate in a sideways fashion with both higher lows and lower highs.

At the moment, we are seeing signs of distribution as large rounds of selling have remained present during key support tests.

Tether/Bitfinex rumors have caused a massive tether premium to occur and, ultimately, resulted in a large bitcoin price discrepancy across multiple exchanges.

Volume is highly consolidated and the market is ready for a large move — the question is, where will it move next?

There is a strong argument that the current bitcoin price consolidation is a reaccumulation trading range and could lead to a potential continuation of the uptrend.

The price of ether has been dropping like a rock over the last few weeks as it managed to realize a 30% devaluation in a very short period of time.

Bitcoin's price has managed to hold a higher low for the first time since the beginning of the bear market and is currently seeing a strong rally that has it testing key resistances.

After a strong round of selling over the course of two weeks plunged the price of bitcoin back to the $6,000s, the cryptocurrency now seems poised for another upward swing.

In two short weeks, ETHUSD was devalued by 50% of its market value. With little to no relief for the underwater bulls, ether seems to be accelerating downward as buyer confidence is lacking and showing signs of capitulation. The entire crypto market, as a whole, is showing signs of capitulation as many alts have seen similar devaluations in shorter periods of time than ETHUSD. Similar to many other coins, ether is penetrating long-held support with very little ease:

Although the overall volume trend is consolidating, it is pretty clear that sell pressure is still very present relative to bitcoin's recent bullish rally.