Bitcoin Rally Seems To Fade Away As It Starts Trading Sideways! What’s Next For BTC Price?

The post Bitcoin Rally Seems To Fade Away As It Starts Trading Sideways! What’s Next For BTC Price? appeared first on Coinpedia Fintech News

The crypto industry has recorded a cold weekend as Bitcoin has constantly moved sideways, indicating a decline in cryptocurrency trading volume. The market leader, Bitcoin, displayed a significant move in its price during the recent price pump by breaking out of multiple key levels and recreating the possibilities of the BTC price to achieve its $40,000 mark by the year-end.

Bitcoin last recorded its price above $35,000 on 2 May 2022. Since then, the price has been constantly displaying massive fluctuations. The star crypto recently broke out of its resistance but for a duration of a few seconds as the BTC price was quickly pulled back in the range.

The price of Bitcoin was seen trading in a consolidated range between $26,558.10 and $28,088.68 for a brief period, following which the price experienced a Golden Cross, resulting in the price jumping.

TradingView: BTC/USDT

The coin was then seen trading in a closed space between $28,088.68 and $28,671.76 for a weekend, after which the market gained momentum and broke out of the key resistance level at $30,000.

The BTC price continued to surge and broke out of multiple resistance levels at $30,396.71 and $33,409.71. The BTC price then made a run to test its key resistance level of $35,000, but the price was rejected as the bears took charge. The Star Crypto has been trading sideways since then.

Bitcoin price pump lasted for a week, during which it gained over 16% in its value.

The MACD has displayed a constant decline in the red histogram for over a week, indicating a weakening in the bearish influence over the market. Further, the averages show a possibility of a bullish convergence soon, which could result in the price regaining momentum in the coming days.

Will BTC Price Continue To Rise?

If the bulls push the price above $35,000, the Bitcoin price will regain momentum and prepare itself to test its upper resistance at $35,510.83. Further, if the market holds the price at that level, it will run to test its significant resistance level at $36,242.73 in the coming weeks.

Conversely, if the bears overpowered the bulls, a trend reversal occurs. The BTC price will lose momentum and prepare itself to test the support level of $33,409.

Moreover, if the bears continue to dominate the market, Bitcoin will experience a strong bearish influence and dip to test its lower support level of $30,396.71 in the coming time.