Bitcoin price is currently accumulating on a shorter time frame, so presumably, first, the redistribution is quick. On the other hand, BTC price has long struggled to stay above the lower trendline. Sadly, continued bearish pressure could soon send the asset below the trendline.
Interestingly, the Nasdaq is bouncing upwards and the asset appears primed to reach above $21,500. Also, the yearly moving average is about to break above the 2-year moving average, which has been bullish in previous rallies.
Bitcoin, which is now more or less like a stablecoin, may soon wake up and soar.
BTC price is currently consolidating within an ascending triangle, near the top . If the day ends on a bullish note, the price could move into a key resistance zone in the next few hours. Prices may initially test immediate resistance at $22,816 after hovering within the resistance zone for a while. If the asset tests and clears these levels, a break above $23,576 is imminent.
However, as bearish flags are still active on the daily time frame, the possibility of a sharp drop may not be eliminated. A prolonged consolidation into the monthly close could eventually offset the bearish impact and pave the way for a good upward trajectory.
Was this article helpful?
