Bitcoin’s price has been consolidating between the 50-day moving average at $28,310 and the $30K resistance region. However, it seems likely to break out of this decisive range, determining its upcoming rally’s direction.

By Shayan

The Daily Chart

After finding support at the 50-day moving average of roughly $27K, the price started a steady uptrend, aiming to surpass the $30K region for the second time. However, Bitcoin failed to surpass this crucial resistance zone, resulting in a slight decline.

Nevertheless, the BTC price is currently consolidating within the tight range of the 50-day moving average at $28K and $30K.

A breakout beyond the $30K region will significantly impact market sentiment, as it is a crucial psychological resistance. Conversely, a decline below the 50-day moving average may result in volatility and consolidation in lower price ranges.

The 4-Hour Chart

Monitoring the 4-hour timeframe, it is apparent that the price has been stuck inside a static range between $30K and $27K. Recently, BTC experienced high volatility, resulting in big red and green candles without showing any clear sign of the overall market bias.

Ultimately, Bitcoin’s price is likely to break out of this range in the upcoming weeks, and the direction of the cryptocurrency’s following trend will heavily depend on the breakout’s direction. However, with the RSI indicator standing at the 50 mark, indicating a state of equilibrium between the bulls and the bears, BTC is expected to undergo a consolidation stage alongside volatility.

By: Edris

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