Bitcoin's price movement has remained stagnant after being rejected from the critical resistance zone at $30,000. However, it is currently consolidating
Bitcoin’s price movement has remained stagnant after being rejected from the critical resistance zone at $30,000. However, it is currently consolidating near a pivotal support area, which includes both the 100-day moving average and the lower boundary of a multi-month ascending channel.The daily chart analysis shows that the price entered a slight corrective phase at the beginning of July, marked by diminished volatility and subdued price fluctuations.
However, the current price action within this pivotal support area suggests the prevalence of market indecision, evident from the formation of small and directionless candles. Consequently, if the price receives support and witnesses strengthened buying pressure, market participants could anticipate a decisive reversal in price.
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