• Bitcoin’s price has been confined to a very tight price range between the 50-day moving average and the ascending trendline.
• The rally from mid-November has been halted at the $18K resistance level, which aligns with Bitcoin’s prior major pivot.
• A break out of this price range could be necessary to determine the mid-term path of Bitcoin’s price.
The Bitcoin price has been in a tight range in recent weeks, with the 50-day moving average and the ascending trendline both serving as key levels of support and resistance. This range has been in place for some time now, and it has proven itself to be a significant level for traders and investors to pay attention to.
The recovery from the mid-November crash towards $15K has been halted at the $18K resistance level, which is also the level of Bitcoin’s prior major pivot. This is an important level to watch out for, as a break out of this range could be necessary to determine the mid-term path of Bitcoin’s price.
Technical analysis suggests that there are signs of a possible bullish trend, with Bitcoin’s price bouncing off of the 50-day moving average in recent days. This could be a sign that the bulls are getting ready to take over, although the overall market sentiment remains uncertain.
Meanwhile, the Relative Strength Index (RSI) has dropped below 50, which could be a sign that the bears are beginning to take control. This could be a sign that Bitcoin’s price could be heading lower in the near-term.
Overall, it appears that Bitcoin’s price is stuck in a tight range for now, and a break out of this range could be necessary to determine the mid-term direction of the cryptocurrency’s price. Until then, traders and investors should remain cautious and watch the price action closely.