Cryptocurrency markets are down after Bitcoin failed to consolidate above the $119,00 mark.
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Notable Developments:
Trader Notes: Crypto trader GalaxyBTC noted this kind of consolidation on Bitcoin is familiar, saying it has happened before Bitcoin surged from $50,000 to $70,000.
Byzantine General observes Bitcoin being in a choppy, indecisive range, a “no man’s land.”
With the FOMC out of the way, price action might stay stuck here.
A trade setup only looks appealing if it takes out the local high or low, offering a potential scalp in the opposite direction.
Daan Crypto Trades sees Bitcoin retesteing near its range low after the FOMC but held a higher low, a sign of underlying strength.
Price is still ranging, but several marginally lower highs above hint at short stop and liquidation liquidity stacking up.
Once one of those levels breaks, a cascade could follow. For now, though, strong supply above $118,000 is capping upside and may take time to absorb.
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