The current price of Bitcoin is $3603, with 24 hour volume hovering around 5.3 billion USD. The price of Bitcoin seems to be consolidating; it has moved within a 5% window of volatility, based on daily closes, for the past 2 weeks. This price action is reminiscent of early September through early November.
The price action during those times though signaled distribution once $BTC decreased by 50%. In the current state though it is difficult to judge whether the current market is undergoing another instance of distribution, or if accumulation has begun 🤔.
Although volume and large cap crypto prices have remained relatively stable, ot would not seem prudent to increase exposure. Before potentially increasing exposure, it will be good to monitor $BTC as it approaches support and resistance outlined in my previous update.
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