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Calm Before the Storm? Bitcoin Consolidates Around $107,000: Weekend Watch
Bitcoin’s price remains trapped within a relatively narrow range, hinting that a larger movement might be imminent. For the past 24 hours, the broader cryptocurrency market has remained remarkably tranquil, with no significant fluctuations observed. Bitcoin continues to trade in a relatively stable zone between $106,000 and $108,000, prompting the question of whether this could signal the calm before the storm and a major move is just around the corner.
Bitcoin Price Consolidates at $107K
Bitcoin’s price has failed to experience any notable movements over the past day, and instead continues consolidating at approximately $107,000. The lack of volatility is also reflected in the level of liquidations, which has decreased by 4% on a daily basis, currently resting at around $200 million according to Coinglass. The majority of these liquidations are comprised of short positions, suggesting that the bulls are defending this area with success, at least for now.
As seen in the accompanying chart below, Bitcoin’s price has managed to recover from its losses experienced last weekend following the US strikes on Iranian nuclear bases. This recovery has been met with a mixed bag of reactions.
Source: TradingView
Source: cryptopotato.com
