The oldest and the biggest cryptocurrency, Bitcoin, remains stagnant and represents a hibernation stage. Investors remain calm to find the next bull run despite the rising heat and discussions on Bitcoin ETF.
With a sideways trend for the past month, except for a few sharp moves, Bitcoin price action forms a consolidation range. Between $29,000 and $30,144, the BTC price moves sideways while resonating around the 50-day EMA.
The Bitcoin price sustains the upward journey with frequent higher low formations in the larger price trend. Leading to a year-to-date growth of 78.55%, the BTC uptrend stays above the 200-day EMA.
Avoiding a drop to 50% Fibonacci level, the consolidation range hints at a higher low formation. With this, the BTC price can give a bullish breakout of the consolidation range to prolong the uptrend.
On a closer look at the rally forming the previous swing high, the correction rally stays above the 50% level. Moreover, the lower price rejections signify solid underlying bullish sentiments.
At press time, the BTC price shows an intraday growth of 0.43% with a long tail formation, indicating a rise in buying pressure. If the buying pressure sustains, the uptrend in BTC price can challenge the overhead resistance at $30K. Upon breakout, the high momentum rally will drive BTC price to create a new swing high above $35K.
On the flip side, if the Bitcoin market value plummets below the $29,000 support level, the downtrend will crash the BTC price drastically. Potentially retesting the 78.60% Fibonacci level (short-term) at $26,483.
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