BTC Price Consolidates Below $30,000; Is $34,000 Feasible From Here?

BTC price treads water on Saturday extending the consolidation of the last two sessions. The sellers seem exhausted near two-year lows. As the price quickly recovered back from the lows of Thursday with a gain of 5k points. In addition to that, a bullish formation on the weekly chart is looking for a minor upside.

• BTC price has made consolidate moves for the past three sessions following a massive sell-off.
• A bullish formation on the weekly chart calls for a relief rally in the pioneer currency.
• Oversold technical indicators suggest a minor bounce back before resuming the downside movement.

As of publication time, BTC/USD reads at $29,037.01, down 1.13% for the day. The 24-hour trading volume of the largest cryptocurrency holds at $34,478,093,119 with a loss of 35%.

BTC price remains vulnerable!

BTC’s price makes an attempt to recover but faces a strong upside hurdle in the last few session. BTC dropped 63% from the record highs made in November at $69,000. However, amid the oversold market structure, there is a fair chance of a recovery in the weekly time frame.

On the weekly chart, the BTC price tested the critical 200-day EMA (Exponential Moving Average) at $26,879.01 with the formation of a ‘hammer’ candlestick pattern. A sustained buying pressure would be required to push the price to pierce and tag the horizontal $34,000 mark.

An acceptance above $34,000 would ask for $40,000, the horizontal resistance zone.

On the contrary, a spike in sell orders could push the price lower. Further, a daily candlestick below $25,000 would trigger a key level to amplify the selling toward December 2020 low, $18,000.

Technical indicator:

• RSI: The weekly relative strength index trades below the average line near the oversold zone. The same levels were last seen in March 2020.
• MACD: The moving average convergence divergence holds below the midline with a bearish bias.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.