Expect a massive Bitcoin movement as the crypto floats between two crucial levels

Bitcoin is now firmly caught within a consolidation phase, with the cryptocurrency hovering around the support it established at $9,600 in the time following its recent capitulatory drop from $10,200.

It now appears that bulls and bears are at an impasse, with the cryptocurrency's ongoing bout of sideways trading coming as the crypto finds itself caught between two critical levels.

A resolution to this sideways trading is likely imminent as one prominent analyst is noting that the crypto is on the cusp of making a massive movement.

Bitcoin's stability may be short-lived: expect a massive movement.

At the time of writing, Bitcoin is trading down just under two percent at its current price of $9,630, which marks only a slight decline from daily highs of just over $9,700.

In the time following the massive drop seen this past Wednesday, the benchmark cryptocurrency has struggled to recapture its previous position within the five-figure price region, and it now appears that the resistance between $9,700 and $10,000 is quite strong.

The recent downtrend has also led Bitcoin to find itself caught within a descending channel, with a lower and upper boundary at $9,350 and $9,800 respectively.

Josh Rager, a prominent cryptocurrency analyst and trader, shared his thoughts on this channel in a recent tweet, noting that these two levels should be closely watched in the near-term.

Which of these levels is broken first could offer investors significant insight into which sort of mid-term trend that cryptocurrency will find itself caught within.

Another near-term factor that should be considered is the fact that Bitcoin is currently caught within a triangle formation that is close to resolving.