According to CoinMeta, as indicated by the blockchain analysis platform swissblock, Bitcoin's initial attempt to gain momentum failed, and the momentum indicators have returned to a transitional area. As long as Bitcoin can hold within the range of $62,300 to $62,500, the current trend can continue to be a sideways consolidation. If it falls below this range, Bitcoin will break away from the current consolidation structure and face the risk of declining into a surrender phase.