Earlier in November, bitcoin retreated after spiking to a high on the year around 500. The previous high was around 320 and 300 was a key level was well. Bitcoin (BTCUSD) 4H Chart 11/28(click to enlarge) The 4H chart shows BTCUSD falling back sharply to 300. But after briefly cracking this psychological level, price held above it in a period of consolidation. Volatility and volume was declining, but we saw another jolt of volatility last week as price popped up above the consolidation structure.There is volume associated with the latest bullish breakout. Also, the RSI did pop back up above 70 even 80, suggesting re-initiation of bullish momentum. In any case, the market has shown in the past month that the consolidation throughout most of 2015 has become a price bottom. We should expect Bitcion to be well anchored above 300 in the medium-term, with upside risk back towards 500.