Amid the market’s momentary pause, Bitcoin (BTC) has seen a 2% price drop in the past 24 hours. The largest cryptocurrency by market capitalization has been hovering between key resistance and support levels, with some analysts suggesting that volatility could be in BTC’s short-term future.
Bitcoin Price Consolidates Near ATH
On Wednesday, Bitcoin, alongside the rest of the crypto market, saw a small retrace ahead of the Federal Open Market Committee (FOMC) release of the May 6 and 7 Meeting Minutes.
The flagship cryptocurrency dropped 2.7% from the $110,000 Daily Opening to a multi-day low of $107,107, suggesting a cautious approach from investors.
Notably, Bitcoin has seen a significant 15% rally over the past month, hitting a new all-time high (ATH) of $111,953 nearly a week ago, and recovering around 50% from April lows.
Since reaching its new ATH, Bitcoin has moved sideways, trading between the $106,800-$109,700 levels.
Despite the small retracement, analyst Crypt
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