Analysts widely anticipated Bitcoin to begin incurring heightened volatility following its recent movement up to $7,500 that was instantly followed by a full retrace. Despite these expectations, BTC has remained stuck within the $7,200 region as it struggles to garner any momentum.<\/p>\n
Analysts are now noting that the cryptocurrency may currently be at a critical junction that will determine the direction it trends in the coming weeks and months, which comes as BTC finds itself caught within a tight trading channel.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 1% at its current price<\/a> of $7,275, which marks an extension of the bout of sideways trading that it has been experiencing over the past week.<\/p>\n Earlier this week, BTC incurred a swift and decisive surge that sent its price all the way up to $7,500 on major trading platforms like BitMEX, although its inability to maintain this momentum led it to fully retrace all of these gains.<\/p>\n The candle wick that resulted from this movement signals that mid-$7,000 region is a strong resistance level for the cryptocurrency and led many analysts to expect further short-term losses for the cryptocurrency.<\/p>\n In spite of this, BTC has been able to hold steady within a tight trading channel, which may continue to hold strong in the near-term.<\/p>\n Scott Melker, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that BTC is \u201cchannel surfing\u201d while pointing to the chart below.<\/p>\n $BTC<\/a><\/p>\n Channel Surfing. pic.twitter.com\/GuMoti07jW<\/a><\/p>\n — The Wolf Of All Streets (@scottmelker) December 13, 2019<\/a><\/p><\/blockquote>\n\n