Bitcoin Consolidation Nears End as Bulls Target $79K Resistance
Bitcoin is trading near $77,000-$78,000 as traders watch for signs that consolidation may be nearing an end. According to Follis on X, Bitcoin's current position is unattractive for fresh shorts, arguing that BTC is trading directly into an established support area.
The one-hour chart shows buyers repeatedly defending the lower boundary of the recent range while resistance continues to cap rebounds near $79,000. This range has been established since late August, with price testing resistance three times without establishing a sustained breakout.
Freedom By 40 is watching a larger four-hour triangle that could represent wave 4 of Bitcoin's advance. In this scenario, the tightening consolidation would be corrective rather than the beginning of a larger bearish trend, potentially setting up a stronger wave 5 move once the triangle resolves.