Traders Forecast Bitcoin Will See a “Cool-down Period” as Rally Overheats

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Bitcoin has been caught within the throes of a consolidation phase ever since its price exploded up to its recent highs of $18,600 The selling pressure that existed here was significant and sparked a $1,000+ move lower that was eventually absorbed by bulls This price action has done little to provide insight into its near-term outlook, as both bulls and bears have shown signs of strength Whether or not it can break and hold above $18,000 should provide serious insights into its near-term outlook One trader is expecting a “cool-down” phase in which BTC inches lower or sees a consolidation phase He notes that this type of short-term trend would be “more than welcome” considering the strength of the recent rally Bitcoin is showing signs of losing its momentum following its massive rally from its recent $10,000 lows. The crypto is trading up nearly 80% from where it was just…

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