Cryptocurrency markets are trading lower on Thursday, consolidating gains from earlier in the week.

Cryptocurrency prices are consolidating gains made earlier in the week on Thursday.

After rallying earlier this week, cryptocurrency markets are consolidating those gains on Thursday. Bitcoin prices dropped slightly, but a crypto trader believes the coin has broken out from a seven-month channel structure.

Consolidating Gains: Cryptocurrency markets are consolidating gains from earlier in the week, with Bitcoin prices dropping slightly on Thursday.

Top Losers: Among the top losers for the day are NEAR Protocol (CRYPTO: NEAR), Chainlink (CRYPTO: LINK) and Filecoin (CRYPTO: FIL).

Trader Notes: Despite Bitcoin prices dropping, crypto trader Jelle sees Bitcoin having broken out from a seven-month long channel / flag structure. He concluded, “The second leg of the bull cycle is underway.”

#Bitcoin has broken out from a 7-month long channel / flag structure.

The second leg of the bull cycle is underway. ? pic.twitter.com/mEgDWzcdX6

Rekt Capital stated that Bitcoin is approaching a crucial retest of the Channel Top, a resistance level it has failed to break through in several previous attempts over the past few months.

A successful retest is needed for BTC to continue moving higher, but if it fails again, the price could struggle to rise.

Michaёl van de Poppe explained Bitcoin is still consolidating implying some weakness for the markets. The crypto king is only a few weeks away from elections and a potential renewed rate cut from the Federal Reserve. He concludes, “The ATH for Bitcoin is close.”

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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