After enjoying a remarkable bull run that saw the $41,500 breached, Bitcoin (BTC) finds itself in a consolidation state because its upward momentum has dried up. The leading cryptocurrency has been down by 15% in the past week and is trading at $31,443 at the time of writing, according to CoinMarketCap.
Onchain and crypto analyst Cole Garner has noted that the current price correction shouldn’t raise eyebrows because BTC’s aggregate spot order book is stacked, and this is a bullish signal.
Bitcoin has been experiencing pullbacks after soaring past the $40,000 mark earlier this month. Industry experts view it as a critical point that should be shuttered for the leading cryptocurrency to regain steam.
Joseph Young, a crypto analyst and investor, has also asserted that the next stop is the $36,630 resistance level. He explained:
“Key BTC resistances: $36,630, $37,800, $40,000, $42,000. Next stop: $36,630.”
His sentiments are echoed by crypto trader Michael van…