Bitcoin has maintained consolidation above the $35,000 mark for an extended period, yet the bulls have encountered resistance in pushing the price back above $38,000. This hesitancy to reclaim higher levels suggests a cautious approach among buyers. Despite this, the positive configuration of upsloping moving averages and the relative strength index (RSI) residing in the positive zone suggest that bullish sentiment prevails. However, it’s noteworthy that even in the face of potential corrections, the prevailing sentiment does not point towards the initiation of a bear phase.
At the time of writing, BTC was trading at $37,290.
Bitcoin after taking multiple supports at the key level of $25,000 started moving upwards. The asset broke the long-held resistance of $28,500 and $32,000 and surged up to $37,980. Post this move, BTC is consolidating between $37,500 to $35,500 with declining volumes. The asset has a strong resistance at the psychological level of $40,000 to $42,000 whereas $36,000 will act as a strong support. Once the price breaks and sustains above these resistance levels then it may further rally to $48,000.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2.|