The market is currently suffering from insufficient activity and liquidity. Meanwhile, Bitcoin’s price is up against a crucial resistance zone and is about to break out. The move should determine the upcoming direction and end the current close-to-neutral state between selling and buying pressure in the market.
Technical Analysis
By Shayan
The Daily Chart
After getting rejected by the 50-day moving average and consolidating for a few days, the price finally tested the blue trendline for the third time and failed to break it to the downside.
Next, the price started a small rally and reached the 50-day moving average at $16.8K. Bitcoin is now struggling within a significant resistance zone between the 50-day moving average and the blue trendline.
A breakout from the moving average will result in a rally with bullish momentum; contrarily, if the price drops below the trendline, a shakeout toward the $15K yearly low will be anticipated.
Yet, the upcoming price action should end the recen
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