Recently, the market has been relatively uneventful, with Bitcoin’s price showing slight volatility but lacking a clear direction.

This uncertainty has left traders puzzled about what the next move might be. However, if Bitcoin’s price breaks above the $30K resistance region, there might be a positive turn, leading to a potential long-term uptrend.

Bitcoin Price Analysis

By Shayan

The Daily Chart

Taking a closer look at the daily chart, a bearish double-top pattern is visible near the major resistance zone at $30K. Moreover, the price is encountering strong dynamic resistance from the middle-trendline of the ascending channel, resulting in some rejection.

Additionally, an extended noticeable divergence between the price and the RSI indicator indicates a possible shift in market conditions. If the prevailing supply around this crucial region dominates the demand for the cryptocurrency, the next target might be around the $28.5K level, which aligns with the 100-day moving average.

The 4-Hour Chart

Shifting the focus to the 4-hour chart, it becomes apparent that the price has entered a prolonged consolidation range after reaching the critical price zone of $30K. Notably, this range coincides with the prior significant swing high, which has served strong resistance due to expanded supply.

Furthermore, the price has formed a broadening wedge pattern, often indicating a potential reversal. If Bitcoin breaks below the lower edge of the wedge, it might signal a mid-term reversal.

In conclusion, if the cryptocurrency faces rejection, its next target could be the static support region of around $28K.

On-chain Analysis

By Shayan

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