Bitcoin Enters “Chop Mode” as Analysts Eye Potential Consolidation Phase

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Bitcoin has yet to break above any key resistance levels over the past couple of weeks, with the resistance at $16,000 holding strong The selling pressure here has proven to be significant and has stopped the cryptocurrency’s immense uptrend right in its tracks Where the entire market trends next will likely depend on how Bitcoin trades as it nears this crucial level One prominent trader is stating that he expects Bitcoin to see further chop in the near-term, with this consolidation being more likely than a “deep retrace.” Should this trend play out, this could be highly positive for altcoins, allowing many to further extend their recent momentum Bitcoin and the aggregated crypto market have seen mixed price action throughout the past few days. While BTC has formed a large trading range between $14,800 and $15,800, most altcoins are now catching up to the benchmark cryptocurrency’s recent gains. Its consolidation…

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