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AMBCrypto found that BTC has traded close to its 20-day Exponential Moving Average in the past seven days. When an asset trades in this manner, the market is said to be in consolidation.
This is because such movements mean that neither buyers nor sellers are exerting strong control over the market.
BTC’s narrow-range movement in the past few days was also confirmed by its declining Average True Range (ATR). At 2,373 at press time, the coin’s ATR has fallen by almost 10% in the last week.
An asset’s ATR measures its price volatility over a chosen period. When it trends downward, this may be taken as a sign of consolidation.
