With the recent rise, it can be said that the Bitcoin price has exceeded the bearish pressure. Although bearish action continues to prevail in the market, the price has surged above $30,000 and has been able to sustain it. However, the price does not appear to be on the verge of a sharp downtrend, and the bears also appear to be working hard to pull the price lower.
Additional reading: Ethereum Surges Over $2000 While Bitcoin Coinsolidates – Is This the Start of the AltSeason?
As shown, the BTC price has formed a bullish flag shape, and are thus looking for a major boost to breakout. Meanwhile, the RSI has experienced a minor pullback while continuing to flirt with resistance. As long as the RSI holds at these levels, expect the price to trade within the flag, with a small push likely to force the price to break out of the consolidation and move higher.
Additional reading: Cryptocurrency Market Analysis: Major Events That Could Mark the Start of Altseason 2023
Additionally, BTC CVD or Cumulative Volume Delta, used to measure The volume inflow of liquid assets shows different behaviors between spot and perpetual. According to data from Skew, market spot buyers continue to cut spot supply while perpetually continuing to short BTC on every rally.
So this flashes a possibility only A clean violent breakout occurs when the spot above $30,400 is strongly accepted. Therefore, the next few hours seem to be crucial for Bitcoin (BTC) price as it keeps consolidating below these key levels with the aim of clearing them early.
