Investor profit-taking eroded Bitcoin’s bullish momentum and opened the doors to a price consolidation phase. Will traders buy altcoins at a discount?
Key point:
Bitcoin’s market structure is still bullish, even as a phase of profit taking and consolidation sets in.
Bitcoin (BTC) remains pinned below the breakout level of $109,588, indicating that the bears are fiercely defending the level. Bitfinex analysts said in a market note that profit-taking generally follows after Bitcoin hits a new all-time high after a sharp rally. The report added that a mild retracement or consolidation would be healthy and lay the foundation for the next leg higher.
