Bitcoin Price Analysis: Will BTC leave the Range-Bound Area?

• Bitcoin price has been following the range-bound area, as the whole cryptocurrency market is going through a blood bath.
• However, BTC went above the 20 EMA failed to sustain, and still stands below it.
• Cryptocurrency investors need to wait for the Recovery Phase, as BTC again starts this week with Red Candle.

Bitcoin price slumps below $30,000 psychological level and signals red bear market. BTC has been consolidating inside a range of $28260 and $31450. In the last week, BTC price managed to gain somewhat uptrend momentum and escaped the range-bound area, however, bears again got activated and dragged the token back inside the consolidation phase. This long term consolidation phase signifies the fear of bear market all around the cryptocurrency market. 

Cryptocurrency investors need to stay strong in these tough times, as I always compare them with the ones with diamond hands. The ones who never panic in the hard times and never sell their securities so easily. So be the one with diamond hands and keep your holdings. This is the market, and the market will definitely rise just like after a haunting and thunderstorming night, a calm and pious sun shines.

Bitcoin price is presently CMP at $29530 and has lost 6% of its market capitalization in the last 24-hour period. However, trading volume has increased by 24% in the intraday trading session. This means small whales are still trying to let the token surge. However, bears are still overpowering the situation. Volume to market cap ratio is 0.06291.

Bitcoin price has been trying to move out of the horizontal range-bound area over the daily chart. BTC bulls need to come forward to prepare for the rescue of the token. However, volume change is still below average and needs to grow for BTC to escape the consolidation phase. Small whales must try to rescue the token just like they did last week. Meanwhile, bears may try for a pullback, but BTC won’t break down the consolidation area. 

Total Liquidations

According to coinglass, a total of $57.97 Million worth of BTC have been liquidated in the last 24-hour period. From which, $26.76 Million worth of BTCs have been liquidated in just the last 12-hours, and in the last 4-hours, $3.56 Million worth of BTCs have been liquidated. In contrast, $989.06K that is almost 1Million liquidated in the last 1-hour. This data shows this amount of people went out of the trade from the cryptocurrency market with nothing. 

The above visualization is of the total liquidations on different cryptocurrency exchanges while being on short and long. Like, if we talk about the most infamous cryptocurrency exchange platform, Binance, a total amount of $36.95 Million has been liquidated while being on long, and a total of $6.3 Million has been liquidated while being on short.

Bitcoin Price: Technical Analysis 

Bitcoin Price has been consolidating inside a horizontal range-bound area over the daily price chart. BTC must gather buyers’ forces to escape the consolidation phase and experience a bounceback. Technical indicators suggest the bearish momentum of Bitcoin price. Moreover, Supertrend confirms the bearish rally of BTC in this bear market. 

Relative Strength Index showcases that BTC is falling from neutrality as it is again stuck inside a range and is now heading towards the oversold territory. MACD exhibits the consolidation phase of BTC inside a range-bound area. The MACD line is approaching the signal line for a negative crossover. Bitcoin investors and holders need to wait for any directional change over the daily chart.

Conclusion   

Bitcoin price slumps below $30,000 psychological level and signals red bear market. BTC has been consolidating inside a range of $28260 and $31450. The ones who never panic in the hard times and never sell their securities so easily. So be the one with diamond hands and keep your holdings. Technical indicators suggest the bearish momentum of Bitcoin price. Moreover, Supertrend confirms the bearish rally of BTC in this bear market. Bitcoin investors and holders need to wait for any directional change over the daily chart.

Technical Levels

Support Levels: $28500

Resistance Levels: $31500

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.    

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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