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Bitcoin Price Rally Impacted With Its Narrow Swing?

Highlights

    Bitcoin price appears to slowed down its bull rally, yet appears to have undergone a strong consolidation offlet

    The breakout may lead the price to the upper target level, on the contrary, a breakdown may decline price below $50K

Bitcoin Price Stuck in a Range!!!

Bitcoin price rally had gained the spotlight in recent times by surging to the highest ever levels around $58K. However, it appeared that it lost some traction, due to which the price plunged shedding more than $10K. Interestingly, the analysts and the community still believed the BTC price would smash $60K levels soon.

In the coming days, the price is expected to break the decisive phase. According to analyst Micheal van De Poppe, the price needs to break $52K to rally further to $56K. Or a breakdown might revisit the levels below $50K.

However, the main concern at the current point is the multiple rejections bitcoin is experiencing a $51K levels. Therefore, the more the Bitcoin outflows from the exchanges, the more chances of the BTC price spiking in the coming days.

Bitcoin Price Analysis, Will It Smash $56k Target Levels?

The BTC price after hitting the highest levels above $58,000 fell massively close to $45,000 levels. Further, it entered a consolidation phase and a narrow trend initiates which is still on the run!

At the press time, the bitcoin price in the 4-hour chart is consolidating in an ascending triangle. The price seems to be poised to smash the upper resistance level of the triangle manifesting a strong bullish trend incoming.

btc ascending trianle

The bitcoin price at the time of writing is $50,277 with a jump of nearly 1% since the last 2 hours and the weekly surge records 5.29%. The trading volume rose by more than 17% recording more than $45 million with the market cap denoting Bitcoin as a trillion-dollar asset. 

Technical Specifications

  • The resistance levels stand at $52,027
  • The support levels stand at $46,915
  • The technical indicators for the Bitcoin price rally point out towards a ‘buy’ signal
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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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