Bitcoin’s upward momentum has encountered a significant barrier upon reaching a key resistance zone. Despite the prevailing bullish sentiment in the market, there are indications suggesting the possibility of an impending temporary consolidation.
Technical Analysis
By Shayan
Bitcoin Price Analysis: The Daily Chart
After a consolidation phase near the critical $39K mark, buyers gained momentum, propelling the price above the pivotal psychological resistance of $40K. This triggered an impulsive surge, reinvigorating optimism in the market. However, Bitcoin’s formidable uptrend encountered a temporary obstacle upon reaching a crucial resistance zone, encompassing the static $44K resistance and the upper trendline of the ascending channel. Consequently, heightened selling pressure ensued, resulting in a 10% decline.
Bitcoin now finds itself within a pivotal range defined by the $44K resistance and substantial support at $40K. Consequently, the market is anticipated to undergo a consoli
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