Opinion: Bitcoin's February performance just indicates a consolidation in the market due to lower trading volume

According to U.Today, Bitcoin dropped sharply last week, erasing all support levels and leading to the first February Yinxian in six years. Since then, the market sentiment has quickly changed from bullish to bearish. The market at the end of the month did not bring any surprises. The current situation is reminiscent of the reversed monthly line recorded in July 2019. However, crypto trader Big Cheds pointed out that bitcoin's horrific performance in February was merely a sign of consolidation in the market because of relatively low volume. He said: "Compared with a similar monthly line on July 19 last year, this month's trading volume is larger. This is a consolidated monthly line, not a reversed monthly line."