The BTC price has been ranging in this area for about 9 weeks now. After it first broke the psychological level of 40k in the first week of December, it felt like the bull was back. Fast forward to today, we’re still at the same price. When will we start testing that 50k?
Key Takeaways:
- Despite weekend volatility, Bitcoin is holding steady at crucial levels, hinting at potential upcoming price movements.
- Bullish dominance is anticipated, and a minor upswing could provide the necessary momentum.
BTC Price Action
As we enter the second month of 2024, Bitcoin continues to trade in a familiar consolidation zone. The recent drop in volume signals a decline in volatility, potentially paving the way for more dynamic market action. Interestingly, the spotlight on altcoins might be overshadowing Bitcoin’s potential, leaving us to wonder if the current price consolidation marks the end of its rally or if there’s more excitement to come.
Taking a broader perspective, Bitcoin’s long-term trend remains bullish, evident in its consistent positive performance. In the short term, the cryptocurrency quietly adheres to a bullish pattern that hasn’t garnered much attention. Star Crypto seems poised to kick off a new price movement, aiming to surpass existing highs.
Examining the chart above, Bitcoin is comfortably trading within a decisive symmetrical triangle post breaking out of the cup & handle pattern. The price has climbed to the upper resistance and is biding its time for an opportune moment to break out towards the targeted goal. The short-term RSI supports a bullish trend, hinting at the possibility of a final surge above resistance, triggering a healthy upswing beyond current highs and reaching a promising $45,000.
Recent market sentiments suggest that Bitcoin’s bullish trend is likely to persist throughout the month. The clearly defined bullish pattern on the chart raises expectations for a replication of the previous breakout pace, propelling the price towards projected highs. Brace yourselves for potential excitement in the world of Bitcoin!
Final Thoughts
We won’t be ranging forever, so it’s a good time to make your trading decisions. When do you think we create a local bottom? Or more importantly, when will we break out again?
Like always, the safest way to play this is to DCA. Buy a few Satoshi’s every day in sideways periods to catch the average price.
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