Bitcoin Price Rally Impacted With Its Narrow Swing?


    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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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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