Bitcoin (BTC) price trading below the crucial barrier of $30k, and sellers maintained their grip by tightly preventing the range. However, mighty bulls continuously tried to overtake the spot but failed to surpass it. In the last month, BTC price showed a breakout of the falling wedge pattern and rallied toward $31K, but buyers did not sustain there and showed a retracement toward $29K.
At the moment, Bitcoin (BTC) technical parameters indicate the buyers are accumulating the price and looking to retest the $30K mark soon. However, the price is close to the 100-day EMA, and a bounce can be anticipated. Moreover, BTC price trading inside the rising wedge pattern took support at $28500 and showed a bounce.
However, the BTC price was noted as a fake breakout on the charts, and buyers were trapped in the last sessions, trying to attain a bounce to unwind their long positions, indicating a rebound toward $30K in the upcoming sessions.
At press time, Bitcoin (BTC) price is trading at $28,911 with an intraday drop of 1.58% showing neutral indications. Moreover, the trading volume increased by 2.32% to $14.43 Billion. However, the market capitalization of BTC is $561.86 Billion. The intraday high of BTC is $29,468.88, and the intraday low is $28,835.13 showing a failure to sustain above $29K.
