BTC price has been fluctuating in this region for about 9 weeks now. After breaking the psychological level of 40,000 for the first time in the first week of December, it felt like strength was back. Fast forward to today, and we still have the same prices. When will the 50,000 tests start?
Key Takeaways:
- Despite the weekend’s volatility, Bitcoin remains stable at important levels, hinting at possible price fluctuations in the future.
- Bullish dominance is expected, and a slight uptick could provide the needed momentum.
BTC price action
As we enter the second month of 2024, Bitcoin continues to trade in familiar consolidation territory. The recent decline in trading volume means less volatility, potentially paving the way for more dynamic market activity. Interestingly, the spotlight on altcoins may be overshadowing Bitcoin’s potential, leaving one wondering whether the current price consolidation marks the end of the bull run or whether there will be more excitement ahead.
From a broader perspective, it is clear that Bitcoin’s long-term trend remains strong, which continues to produce positive results. In the short term, cryptocurrencies are quietly sticking to a bullish pattern that has not received much attention. Star Crypto seems ready to initiate a new price movement aimed at surpassing existing highs.
Looking at the chart above, Bitcoin is breaking out of the cup and handle pattern and trading comfortably within the crucial symmetrical triangle pillar. The price has risen to the upper resistance level and is waiting for the right moment to break towards the target. The short-term RSI supports the bullish trend, hinting at the possibility of a final surge above resistance, triggering a healthy uptrend above the current high and reaching the promising $45,000 level.
Recent market sentiment suggests that Bitcoin’s bullish trend is likely to continue throughout the month. A clearly defined bullish pattern on the chart raises expectations of a repeat of the previous breakout pace, pushing the price towards the expected high. Get ready for potential excitement in the Bitcoin world!
final thoughts
We won’t range forever, so it’s a good time to make trading decisions. When do you think we will create a local bottom? Or, more importantly, when will they break up again?
As always, the safest option is to use DCA. Buy a few satoshis each day during sideways movements to capture the price average.
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