The Bitcoin price rally is squeezing its range nowadays as the resistance levels also have lowered from $40K to $35K. Yet the strong bounce back each time it ranges close to $30K keeps the hopes of a bull run alive. However, the BTC price is currently on the verge to break the pattern, yet the higher ranges are yet to be ascertained.
The previous day’s rejection from $36K levels kept many disheartened as the price lost more than $2000 within a short span of time. Currently, Bitcoin price has flipped the 50-day MA levels and expected to sustain above the levels to continue with the bullish trend.
However, a sigh of relief may be when the price breaks the ‘W-shaped’ pattern and rallies towards the north. The breakout needs to be more aggressive as a plunge back to similar levels may fade the built momentum.
Bulls Could Uplift The Bitcoin Price
On the other hand, the depleting volume may also raise concerns over the bullish trend. The bulls who kept calm for a very long time need to wake up and uplift the price. As minor buy-sell may keep the price within the consolidated range which may impact the volatility also.
Therefore, the prime focus currently is on the bulls who can smash the bears within no time. As the constant FUD from China circulating within the space is also affecting the Bitcoin price negatively. Moreover, other nations like India have also gone a step ahead with the regulations and any outcome may have a larger impact on the crypto market.
Collectively Bitcoin price’s consolidation is becoming old school and before the spark fades away, the momentum needs to be re-instated. In doing so, the bear’s cartel may have a relaxed time for some days as they held control for quite a long time.