Bitcoin Price Analysis: Weeks of Consolidation Are Coming to a Head

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Summary:

  1. The bitcoin market has been consolidating for several weeks and the volume and price volatilities are coming to a head. The price is beginning to narrow between heavy resistance and macro support and soon either the bulls or the bears will give way.
  2. As we draw near the monthly candle close, we can see that there is a heavy level of resistance we are failing to break at the $10,300s. The bulls want to see a strong push above, reclaiming that level as support. However, the lower time frames are finding this level as resistance and the demand seems to be absent.
  3. If we fail to maintain demand to push above the $10,300 level, bitcoin will likely see a retest of the $10,000s and, if that doesn’t hold, we will surely see a visit to the $9,500 range.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.