Price

After bottoming out around $3,500, the price of bitcoin enjoyed a near 25% rally where it is currently testing the resistance of its macro 78% retracement.

Bitcoin's dramatic price action is nothing new — just another instalment of bitcoin’s many boom and bust cycles.

Bitcoin continues to tumble lower and lower as it struggles to claim any footing in the market. It’s down almost 50% in three weeks and it’s showing very little sign of stopping. It’s currently clutching onto the $3,500 values but it doesn’t look like it can hold on much longer.

Bitcoin has, yet again, seen another decline by over 15% in value. But while the move downward is unrelenting, the 78% retracement at $4400 may bring in a fresh round of buyers.

After months and months of consolidation, the yearly support finally broke and now the price of bitcoin has found itself in the lower $5000s for the first time since 2017.

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

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?

Nobuaki Kobayashi, the trustee of now-defunct Tokyo exchange Mt. Gox, liquidated 24,658 bitcoin and 25,331 bitcoin cash earlier this year, according to an announcement posted on September 25, 2018.

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.