Bitcoin Price Consolidation May Have Weakened Bear Case

Bitcoin‘s eight-day stretch of consolidation looks to have weakened the prospects of a drop back to December lows near $3,100.

The leading cryptocurrency by market value has been restricted to a narrow range of $3,500 to $3,700 since Jan. 11.

That range play is somewhat surprising, as BTC had set the stage for a quick slide toward the December lows near $3,100 with a 9 percent drop on Jan. 10 – the biggest single-day decline since Nov. 24. Notably, prices fell to $3,500 that day, erasing the hard-fought gains of the preceding two weeks.

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