What does the future hold for BTC trading in this period of consolidation? – feat. Crypto Academy





Additionally, Tether (USDT) fell from 4.87% the previous week to 4.28% at the time of writing, indicating that market participants were starting to invest in cryptocurrencies after sitting on the sidelines. with Tether (USDT). According to recent analysis on the biggest cryptocurrency, a phase of heightened volatility is on the horizon for bitcoin (BTC).

When the $59.1k level was breached and challenged as resistance, the Bitcoin (BTC) decline began, and it seemed to last until early February. Bitcoin (BTC), on the other hand, soared to a new high of $45.8k in early February.

Importantly, this level was above bitcoin’s (BTC) last downtrend lower high, which was $44.6,000. Simultaneously, the price fell to new lows, which means that the decline has at least stopped.

The $45.8k level shows a strong bid position, and sellers are expected to be dominant down to $52k. Therefore, although a longer negative bias diminished significantly, the bulls were also not in control.

For bitcoin (BTC), the signs revealed a similar scenario. After nearly a month of struggle, the RSI had rallied back above the neutral 50 levels. Further, the MACD created a bullish confluence and broke above zero. Each of these indicators suggested that the bulls’ grip on the market had diminished, and that the bullish momentum was not as strong.

The OBV went even further, pointing out how, despite a disruption in market structure, buyer demand was simply insufficient. Since November, the OBV has been steadily falling, but it has been rising slightly since January 2022. However, this movement was unlikely to lead to a further rise.

Buyers and sellers competed intensely through every major horizontal level as the price of bitcoin (BTC) appeared to rally. The $44k-$45k range was an important resistance zone, with $48k also acting as a barrier. The $38k level, as well as the $35k-$36.4k zone, could provide assistance.

Disclaimer

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This article is in English in agreement with our partner crypto-academy.org
If you are English-speaking, find the original article in English on Crypto Academy

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