Bitcoin collapse seems to stop between the $28k to $30k range. But, is Bitcoin ready to resume its bullish journey? Or not? Let’s look at what could be the next move.
Bitcoin is exchanging hands above $29.5k with a little change over the last 24h timeframe. Particularly, one thing to notice is that the flagship currency has lost more than 30% trading volume in the last 24 hours. The market dominance of the BTC is hovering around 45% with a 24h trading volume of almost $30 billion. Economic experts are suggesting that Bitcoin may drop down to below $20k. As the currency is stuck between the $28 to $30k price range; is Bitcoin ready to resume the journey? Let’s look at the technical side.
Technical side: Bitcoin ready or not?
BTC is moving in the same support and resistance area that we have highlighted in the previous analysis. 1H timeframe shows Bitcoin 100 EMA is above 50 EMA which signals that the current bearish movement is likely to remain. There is a need for macro-level changes for the BTC to resume its bullish journey and it can take some time.
Many experts are suggesting that Bitcoin is more likely to go below $20k. But I don’t see that happening as we are more likely to cross the current resistance level at $31k and go above. DYOR