Bitcoin’s price has remained stagnant around the $30K level, but this consolidation phase won’t last forever. According to technical analysis by Edris, there are a few key points to consider:
1. The daily chart shows that the 50-day moving average is currently keeping the price around $30K, but it hasn’t been able to push the market above this level in recent days.
2. There is a possibility of the price breaking to the downside and dropping towards the 200-day moving average, which is around $27K.
3. The 200-day MA is an important indicator that could potentially push the price higher, as it did in February.
4. However, if the price manages to climb back above the $30K level, we could see a rally higher and a potential test of the $38K resistance zone in the coming weeks.
In conclusion, while Bitcoin’s price has been relatively stagnant, there are indications that it could make a move in either direction. Keep an eye on the key levels mentioned in the analysis to gauge the market sentiment.
Hot Take:
Bitcoin’s price has been hovering around the $30K level, but it’s unclear whether it will break out or drop further. Traders should closely monitor the 50-day and 200-day moving averages for potential price movements.
By
By
By
By
By