The crypto industry has recorded a cold weekend as Bitcoin has constantly moved sideways, indicating a decline in cryptocurrency trading volume. The market leader, Bitcoin, displayed a significant move in its price during the recent price pump by breaking out of multiple key levels and recreating the possibilities of the BTC price to achieve its $40,000 mark by the year-end.
Bitcoin last recorded its price above $35,000 on 2 May 2022. Since then, the price has been constantly displaying massive fluctuations. The star crypto recently broke out of its resistance but for a duration of a few seconds as the BTC price was quickly pulled back in the range.
The price of Bitcoin was seen trading in a consolidated range between $26,558.10 and $28,088.68 for a brief period, following which the price experienced a Golden Cross, resulting in the price jumping.
The coin was then seen trading in a closed space between $28,088.68 and $28,671.76 for a weekend, after which the market gained momentum and broke out of the key resistance level at $30,000.
The BTC price continued to surge and broke out of multiple resistance levels at $30,396.71 and $33,409.71. The BTC price then made a run to test its key resistance level of $35,000, but the price was rejected as the bears took charge. The Star Crypto has been trading sideways since then.
Bitcoin price pump lasted for a week, during which it gained over 16% in its value.
The MACD has displayed a constant decline in the red histogram for over a week, indicating a weakening in the bearish influence over the market. Further, the averages show a possibility of a bullish convergence soon, which could result in the price regaining momentum in the coming days.
If the bulls push the price above $35,000, the Bitcoin price will regain momentum and prepare itself to test its upper resistance at $35,510.83. Further, if the market holds the price at that level, it will run to test its significant resistance level at $36,242.73 in the coming weeks.
Conversely, if the bears overpowered the bulls, a trend reversal occurs. The BTC price will lose momentum and prepare itself to test the support level of $33,409.
Moreover, if the bears continue to dominate the market, Bitcoin will experience a strong bearish influence and dip to test its lower support level of $30,396.71 in the coming time.
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