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.
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.
As a Coinbase investor, Ohanian strongly believes that the instability of fiat currencies in economically crippled countries might pave the way for cryptocurrencies such as Dash and Bitcoin.
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.
As prices continue to flirt with key support points, people still need hubs to trade their cryptocurrencies. In this case, it seems that many exchanges are still doing just fine.
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.
While it is inherently bearish to push below a trading range, there are a couple arguments that can actually put a bullish twist on bitcon's deep test of support.
While the market seems to be continuing its drift to new lows with greater and greater ease, there are a couple of bullish signals worth considering as the market continues to consolidate.
The current market trend has managed to find support on the prior lows; however, the support seems to be on shaky ground as it is currently trending in a pattern known as a bear flag.
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