Following a period of intense volatility and a significant price movement, Bitcoin\u2019s market is now experiencing a predictable consolidation phase, characterized by what traders call intraday chop. This is not a sign of weakness but rather a natural and often necessary stage in any market cycle.<\/p>\n
In an X post<\/a>, a dedicated crypto enthusiast, Uniswap Gems, provided a clear-eyed view of Bitcoin\u2019s current price action, stating that the market is in a predictable phase of intraday chop after a period of extreme volatility.\u00a0<\/p>\n Uniswap Gems noted that the recent huge, volatile move caught many traders off guard. As a result, the market<\/a> is now in a period of consolidation. This chop is a sideways price movement within a tight range, which is often needed to establish a solid bottom after a sharp price swing. He cautions that this phase could last for the next 2 to 3 days, making it a difficult environment for those looking for quick directional trades.<\/p>\n For a bullish trend to resume, BTC needs to flip $113,000 into a support<\/a> level. If this happens, it could set the stage for a retest of the $115,000 range. However, if BTC fails to hold its current levels and makes new local lows, Uniswap Gems expects a more significant drop all the way down to sub $105,000, which would be a decisive move<\/a> to the downside.<\/p>\n Analyst Philakone, a crypto investor and day trader, has issued<\/a> a stark reminder about the inherent volatility of BTC and historical price action in bear markets. His analysis focuses on the severe drawdowns that have consistently followed previous all-time highs.<\/p>\n According to Philakone, BTC price has a historical tendency to drop between 75% to 85% from its peak during a bear market. This is a crucial point that he believes many people struggle to grasp, especially after a prolonged bull run. However, if BTC\u2019s all-time high for the current cycle<\/a> reaches $125,000, a 75% drop would bring the price down to a mere $30,000.<\/p>\n Crypto trader known as KillaXBT has adopted<\/a> a highly cautious stance on the BTC market. For the first time in a while, the expert is fading this BTC dip despite a massive<\/a> liquidation event of 1.5 billion. His decision is based on a technical analysis of a key market indicator of the USDT dominance chart.<\/p>\nMarket Still Fragile Despite Heavy Liquidations<\/h2>\n