Analyst: Bitcoin's Prolonged Consolidation Builds Momentum for Future Market, Friday's US Employment Data May Act as Breakthrough Catalyst
According to ChainCatcher, as reported by CoinDesk, the market has been in a range-bound state over the past week, which analysts believe lays the groundwork for a potential strong upward movement.
FxPro Chief Market Analyst Alex Kuptsikevich stated, "Extended periods of consolidation often build up strength for subsequent movements. The next significant trigger could be Friday's employment market data."
"Over the past five days, the market's fluctuation range has been very narrow, showing a slight downward trend. However, it has yet to break through its 200-day moving average, which is currently at the $3.01 trillion mark. If there is a global positive development, the market is expected to break through and potentially reach the $3.5 trillion area," Kuptsikevich added, noting that the altcoin market might experience strong volatility.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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