Topic: Bitcoin Price Still in a Consolidation Phase, Can the Market Be Predicted? - page 2. (Read 176 times)

The price consolidation is getting longer in a narrow range.
The bears are still holding the bullish barrier of $23,400.

BitcoinBTC price is struggling in the consolidation phase to maintain a healthy bullish trend in the market. The bulls wait patiently to buy bitcoin if a range breakout occurs. Although trading volumes have declined in the past few days, this was due to a reduction in short positions from the market.

The $23300 to $24400 support-resistance range is considered to be a defensive zone for the bulls and bears after the bullish gains of January 20. If a bullish breakout occurs before the end of January, bitcoin price is likely to reach the $25K level soon.

https://www.tradingview.com/x/HsuNUdbE/

Due to the continued price rally, BitcoinBTC speculators consider the $20,000-conceptual round level as key support. This rapid rally turned the scenario into a sell-off at higher highs and till now the bulls are leading the market.

Some key facts that could push the price of BitcoinBTC upwards

The overall market valuation crossed $1 trillion.
The price of bitcoin is well above the crucial round level.
There is consolidation below $22,300 to $23,400 for another bullish move.
Technical indicators heat up the market.

Final Thoughts

Long positions are increasing in the market in view of the higher-low formation. Market leader-Bitcoin may soon break this box pattern due to positive market sentiment.