Bitcoin still consolidating?

The price of bitcoin was slammed back down today, currently trading around $56k.

This was after briefly touching $60k earlier in the day.

This is still part of the consolidation phase though:

(Source: https://x.com/Eljaboom/status/1821795196314538038/photo/1)

Once we get low enough, it will breakdown, but we are far from that point.

The lows from last week are something to keep an eye on.

$47k seems like a long ways off at this point but will it get retested?

Time will tell.