The bears have been capitulating to the market every now and then. This has hindered the growth of the entire crypto space, specifically the Bitcoin price. The price is subject to extreme speculation; it has been experiencing frequent minor upswings for over a couple of months. This indicates the flow of liquidity from Bitcoin to altcoins and vice-versa as the altcoins also failed to set a strong rally towards the north.
Amid these market conditions, a small ray of hope flashes as the Bitcoin price makes a minor upswing beyond $30,000 after a week of narrow consolidation. As per the data from Santiment, the upswing was a result of the assistance provided by the traders who capitulated during the past week of price declines. The volume soared significantly, and the psychological resistance crossed, shifting the negative sentiments to positive ones.
Therefore, the behaviour of the traders suggests a shift of focus from other tokens or altcoins, specifically, back to Bitcoin. Hence, it can also be said that the traders may have indulged in the pre-halving phase, which may have had a significant impact on the price of the flagship crypto hereafter. Despite the minor rise, the bearish clouds continue to loom over the BTC price as the validation of an upswing is yet to happen.
Although the price soared high to reach the crucial resistance, it is struggling to surpass the resistance, which may have validated a rise above the bearish captivity. Moreover, the RSI just displayed a bearish reversal, which suggests the bulls may have been trapped at $30,000 as the bears may again drag the price lower below $29,500.
Therefore, if the price maintains above the crucial support until the end of the day, then the possibility of a healthy and sustained upswing beyond $30,500 may be possible. Else, the Bitcoin (BTC) price may continue to hover between $29,500 and $30,100 for an extended period or until another fresh chuck of liquidity kicks into the market.
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