Over the last month, #BTC has maintained a narrow consolidation range with strong support observed around the $29,500 level. However, if there is a daily close below this crucial support, it may pave the way for further downward movement, potentially heading towards $27,500.
On The Daily Chart:
Over the past month, the BTC/USD pair has been consolidating within a narrow range. The $29,500 level has served as a critical support level during this period. However, a daily close below this support level could signal a further downward move towards $27,500.
In the current price analysis, the $29,500 level remains highly significant as crucial support, while the psychological level of $30,300 also holds importance. Notably, the presence of Doji and Spinning Top candle patterns above $29,500 indicates a potential weakening of the bearish sentiment and the possibility of a shift towards a more bullish market sentiment.
On The 4-Hour Chart:
Bitcoin's 4-hour chart shows an extended consolidation phase following its encounter with the crucial $30,500 resistance zone. Currently, the price is finding support around $29,750, forming a triple bottom pattern that suggests a potential bullish rebound. However, indicators such as RSI, MACD, and the 50-day exponential moving average lean towards a bearish sentiment, increasing the likelihood of a potential downward trend. The $29,750 support level holds significant importance as it will determine the next direction for Bitcoin's price action.
According to Coingabbar Price Analysis, the market capitalization of BTC stands at $585,479,315,413. The 24-hour trading volume is approximately $9,188,480,984.
KEY LEVELS :
RESISTANCE LEVEL : $30,500-$31,000
SUPPORT LEVEL : $29,700-$29,200
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.