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Calm Before the Storm? Bitcoin Consolidates at $17K (Market Watch)

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Bitcoin continues consolidating around $17K, begging the question if this is the calm before the storm.

Bitcoin failed to produce a meaningful breakout throughout the past 24 hours and is now consolidating around the coveted $17K level. As it has proven to be the case many times in the past, though, is this the calm before the storm?The primary cryptocurrency by means of total market capitalization has been unable to escape the range of around $17K and is once again found trading at that level.

Prolonged periods of decreased volatility usually tend to be a precursor of a considerable move, so the question is if the current price action resembles the calm before the storm.Over the past 24 hours, the wide majority of altcoins are painted red, but it’s not because Christmas is approaching. Most of them chart decreases anywhere in the range between 2% and 6%, as seen in the heatmap below.This is all you need not to miss any price action in the raging crypto markets.

 

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