Bitcoin Consolidation Possible as Analyst Eyes $70K-$73K Support Zone

Crypto analyst KillaXBT believes Bitcoin may be entering a period of price consolidation rather than facing an immediate sharp decline.

The recent strong rally, which hinted at a possible trend reversal, makes a sustained range-bound movement more likely than a deep pullback, according to the analyst.

KillaXBT drew parallels between the current market structure and the bottoming phase observed in 2022. Most major lows during that period were marked by a single strong upward candle, which repeats recently.

The analysis suggests that Bitcoin could establish the lower boundary of a trading range in the $70,000 to $73,000 zone in the near term. Following this potential base-building phase, the asset might then attempt to break above the $80,000 resistance level.