Bitcoin’s price has been making higher highs and lows consistently over the past few months. However, the market is currently consolidating around a key resistance level, failing to continue higher.
Technical Analysis
By TradingRage
The Daily Chart
On the daily timeframe, the price has been breaking through several resistance levels since rebounding from the $40K support zone. Yet, the market is currently hovering around the $52K resistance level.
While there are no serious signs of climbing at the moment, the Relative Strength Index shows values above 50% that indicate higher prices might be achievable in the short term. Therefore, a breakout above the $52K resistance level is still probable.
Source: TradingView
The 4-Hour Chart
Looking at the 4-hour chart, it is evident that the price has been consolidating around the $52K level over the last couple of weeks.
In case of a correction, Bitcoin might pull back toward the $48K support level before potentially continuing higher. The Rel
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