Bitcoin Has to Move Strongly

After weeks of Bitcoin trading in a tight range, experts were certain that a high degree of volatility was set to hit the markets last week. However, BTC stayed firmly tied to $19,000 as the trading weekend went from hopeful to dull.

Fresh US economic data did nothing but give us a couple of characteristic fakeouts Bitcoin dropped to $18,200 before rallying to $19,900, all within 12 hours. However, none of the movement was significant as Bitcoin returned to the $19,000-$19,200 range and barely moved until its weekly close.

After four months of consolidation, it's a matter of time before volatility returns to the markets. Bleak stock market outlook isn't helping - the NASDAQ Composite Index recorded its first weekly close below the 200MA in fourteen years, drawing comparisons to the 2008 financial crisis.

Up or down, Bitcoin has to move strongly in the coming weeks.

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