Bitcoin's price has been consolidating above the $25K support level following the recent drop from the key $30K zone. However, for the price to reach a
Bitcoin’s price has been consolidating above the $25K support level following the recent drop from the key $30K zone.Technical AnalysisOn the daily chart, the price has been rejected from the $25K support level and is trending higher. Yet, the 50-day and 200-day moving averages around the $28K mark are two significant resistance levels that the market should break through for a retest and potential breakout from the $30K zone.
The RSI indicator has also increased above the 50% threshold, indicating that momentum is once again in favor of the buyers.The 4-hour timeframe demonstrates a clearer picture of the recent price action. The market is currently attempting to break above the upper boundary of the large falling wedge pattern. In case of a successful breakout, the price is likely to rally towards the $30K resistance level in the short term, as this is a classic bullish reversal pattern.
The RSI’s recent bullish divergence also validates the reversal scenario, making another rise toward the $30K zone more probable.
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