Following its blistering performance in the first week of October, the Bitcoin price action has been pretty much tame all month. In fact, the premier cryptocurrency has witnessed moments of bearish action in what is widely regarded as the historically bullish month of “Uptober.”
With the substantial downward pressure in recent weeks, the Bitcoin price looks set to close the month in the red. However, a recent evaluation shows that the market leader might be gearing up for its next major price move in the coming week.
According to Maartunn’s analysis, the Bitcoin price tends to enter a period of consolidation or sideways movement after a sharp crash for about two to four weeks, before making its next major move. This has been the case for the flagship cryptocurrency since it fell more than 16% on October 10.
Maartunn noted that the market leader is currently 14 days into this consolidation phase, meaning that the next move could come anytime from now.
As of this writing, Bitcoin is valued at around $111,690, reflecting a mere 0.6% jump in the past 24 hours.
Typically, with BTC’s value beneath this STH realized price, it means that the most reactive set of Bitcoin investors is in the red. These short-term investors are likely going to offload their assets at breakeven price—when the Bitcoin price returns to their cost basis.
Ultimately, this sell-off would put downward pressure on Bitcoin’s price, making the STH realized price (currently at $112,500) a significant resistance level.
