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.
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.
- 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