The market has been suffering through extremely low volatility and a lack of demand as fear seems to be the predominant sentiment. Bitcoin’s price appears to have entered a mid-term consolidation stage between $15K and $17K, and a breakout from either direction should determine the cryptocurrency’s direction.

The price is experiencing low volatility after dropping below the yellow trendline and the crucial support level at $18K. A pullback to both the trendline and the broken level is necessary if the bears are to continue the decline.

On the other hand, the broken trendline and the 100-day moving average, roughly at $19K, converge to make this static level a strong resistance.

Therefore, the most likely scenario for Bitcoin in the short term will be a consolidation toward the 100-day moving average and the broken trendline in the $18K–$19K range in order to complete the pullback.