The state of Bitcoin (BTC) price action across multiple time frames has analysts at the edge of their seats. As of February 7, various technical formations suggest that the leading crypto appears poised for a critical breakout from the current consolidation.
Is Bitcoin Preparing For A Big Move?
Taking to X, Mags thinks Bitcoin is in for a “big move,” considering the candlestick arrangement in the weekly chart. The analyst notes that prices have been moving horizontally in the past nine weeks, falling within the expected range.
The Bitcoin market has ranged between 8 and 30 weeks in the past. So far, the current consolidation has lasted for nine weeks. Amid this, Bitcoin prices have tested both sides of the range with notable “fake-outs.”
In light of the current state of affairs in the Bitcoin market, Mags is confident that the prolonged consolidation suggests that the coin, guided by history, could edge higher.
Beyond the ranging market, another analyst notes that t
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