Bitcoin Price Rally Seems Fading Away! What’s Next For BTC Price?

The post Bitcoin Price Rally Seems Fading Away! What’s Next For BTC Price? appeared first on Coinpedia Fintech News

The crypto industry has recorded a consolidated weekend as major cryptocurrencies have recorded minor price fluctuations. Bitcoin has traded sideways for almost a week as the market seems to have cooled off.

The market leader was seen trading in a narrow space between $26,558.10 and $27,025.69 for a brief period, after which the market experienced a strong bullish jump, resulting in the price experiencing a jump in value. 

Bitcoin price broke out of multiple resistance levels but was rejected at the $35,000 level, after this, the coin was seen trading in a consolidated range between $33,409.29 and $35,000 for two weeks.

TradingView: BTC/USDT

Following the bullish move in October, where the star crypto had experienced a surge of over 28% in value, the price has recorded a reduced price action, resulting in the price displaying weak price action.

After multiple failed attempts, the price finally managed to break out of the resistance level and recorded a yearly high of approximately $38,000, but the rally was short-lived as the price experienced a significant pullback, further price falling below the support level of $37,033.37.

Since then, the price has been hovering close to the level and is expected to attempt a retest soon, of which the outcome is uncertain.

The Moving Averages Convergence Divergence (MACD) displays a constant red histogram, indicating the price is experiencing an increased buying and selling pressure in the market. Further, the averages show a continuous decline, suggesting the price may undergo correction soon.

Will BTC Price Cross $40,000 This Year?

If the bulls push the price above the resistance level of $37,033.37, the price will regain momentum, and the price will make a run to test its upper resistance level of $38,082.91 soon.

Further, if the market maintains the price at that level, it will set the stage for the market to attempt to test its target of $40,000 by the year-end. 

Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $36,000. Moreover, if the bears continue to dominate the market, it will further lose momentum, experience a price plunge, and test its crucial support level of $33,429.29.