Today was a relatively uneventful twenty-four hour period for Bitcoin (BTC) as the toll continues to consolidate into a tighter range.

Every bit mentioned by Cointelegraph contributor Rakesh Upadhyay, Bitcoin toll spent the weekend consolidating within a balderdash pennant and the breakout to $xix,418 was rapidly stamped out by overhead resistance.

Subsequently retouching the pennant trendline, the price gave way, falling below the 20-MA on the four-hour fourth dimension frame and briefly losing the $19,000 marker.

Crypto marketplace daily price nautical chart. Source: Coin360

Generally, about traders seem to agree that after a raging 93% rally from $ten,300 to $19,888, a catamenia of consolidation is necessary. Cointelegraph analyst Michaël van de Poppe said:

"On the higher timeframe, Bitcoin is still acting as it was final week. We are still acting in the all-time high resistance zone. I still have my eyes on $16K, which we bounced from, and $14K as these areas still could be retested equally support. Property $19K is important and if we have a daily close below $18.9K I call back we'll fall through."

On the daily and four-hour timeframe, traders volition note that the cost is however notching lower highs and higher lows, a sign that the price range is get-go to narrow.

BTC/USDT 4-hour chart. Source: TradingView

Currently, the cost is still holding inside the pennant trendline every bit back up, only a quantum in the construction will require a high book motility as in that location is persistent overhead resistance at $nineteen,500.

Every bit mentioned in previous analysis, a drib below the $18,800 level volition see BTC search for back up at $17,900, and beneath that the $16,000 to $15,750 range.

For the brusque term, adventure-averse traders are likely to keep a shut eye on the four-hour chart to see if the price can over again find support above the 20-MA in society to burst through the pennant. It is of import to note that this move will require significant volume to avert rejection in the $19,400–$nineteen,500 resistance zone.

Bitcoin daily price chart. Source: Coin360

Typically, altcoins pump higher during Bitcoin's consolidation phases, but that has non been the case this time.

While a option of DeFi tokens and other obscure altcoins take moved higher, the bulk of the acme 20 coins are in the red today.

This is possibly due to the fact that investors are reluctant to shift funds into altcoins while the Bitcoin cost is in such an indecisive position.

Experienced crypto investors know that a strong bullish breakout from BTC could result in altcoin-to-BTC pairs beingness crushed, whereas a bearish breakdown in BTC price tends to result in BTC and USD altcoin pairs receiving an equally catastrophic pummeling.

A few standouts of the day are AAVE with a 8.54% gain, Monero (XMR) moving v.xix% higher and Waves' rally of six.23%.

According to CoinMarketCap, the overall cryptocurrency marketplace cap at present stands at $566.v billion and Bitcoin's dominance alphabetize currently at 62.6%.