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Bitcoin Price Analysis: 2 Possible Scenarios in the Coming Days

• Bitcoin’s price has been consolidating within a narrow range after breaking below the 50-day moving average.
• On the daily timeframe, the first resistance level to watch is the 50-day moving average positioned around $28K, followed by the crucial $30K level.
• On the 4-hour chart, there is a significant descending channel with support at $25K and resistance at $27,500.

Bitcoin Price Consolidates Below 50-Day Moving Average

The past few weeks have seen Bitcoin’s market consolidate within a narrow trading range after briefly dropping below its 50-day moving average. Technical analysis reveals that there are two notable levels which could lead to potential scenarios in either direction over the next few days.

Daily Chart Analysis

The key resistance area on the daily timeframe can be found at around $28K in line with Bitcoin’s 50-day moving average. Breaking this point could potentially lead to a rally towards the crucial psychological level of $30K. Meanwhile, for holders looking for support levels, their focus should be on areas such as $25K and 200-day moving average of around $23K. The Relative Strength Index (RSI) indicator remains below 50%, indicating bearish momentum and increasing chances of further downward movement in the short term.

4-Hour Chart Analysis

On a shorter timeframe of 4 hours, Bitcoin’s market remains trapped inside a descending channel with both support and resistance witnessed near familiar levels – support at around $25K and resistance just above $27,500. In order for an upward push to take place, buyers must achieve a breakout above this latter point before testing higher prices towards an eventual retest of resistance near $30K.


Looking ahead to upcoming weeks, it appears that Bitcoin’s market is currently situated between two notable levels leaving room for several potential scenarios to unfold – whether that be bullish or bearish in nature remains uncertain at present time. Traders will need to keep an eye out on both daily and 4 hour charts for any sign of confirmation before making decisions based on their own individual risk management strategies