Over the past few weeks, Bitcoin’s price has been consolidating within a narrow range after breaking below the 50-day moving average. The market is currently situated between two notable levels, leaving room for several potential scenarios to unfold.
Technical Analysis
By: Edris
The Daily Chart:
The price on the daily timeframe has yet to display a notable upward or downward movement. If a rally takes place in the upcoming weeks, the first resistance level to watch is the 50-day moving average positioned around $28K, followed by the crucial $30K level.
On the other hand, for holders, the key support areas to rely on are the $25K level and the 200-day moving average of around $23K. The RSI indicator remains below the 50% threshold without much movement, indicating the current bearish momentum and increasing the likelihood of a downward move in the short term.
Source: TradingView
The 4-Hour Chart:
On the 4-hour chart, the price remains within a significant descending channel. Although
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