The pullbacks have become less deep over the past three weeks, suggesting the building up of bullish sentiment, one observer said.
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Bitcoins three-week consolidation below $38,000 has a bullish undertone of shallow price dips, a positive sign, one observer said.
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Seasonality is supportive of continued gains in bitcoins price in December.
Bitcoins (BTC) price rally has stalled since Nov. 9, with $38,000 proving a tough nut to crack. That does not necessarily mean the uptrend is over.
In fact, a closer look at how prices have behaved during the consolidation suggests it isnt.
While the gains have been capped closer to $38,000, the subsequent pullbacks have been shallow and short-lived, a sign of persistent "buy-the-dip" demand within the price consolidation. The horizontal upper bound of resistance and rising lower bound from shallow dips can be identified as an ascending triangle formation on the price chart.