The leading cryptocurrency Bitcoin appears to be under consolidation ahead of a move toward $35,000 in the coming weeks.
Over the past several days, the total market capitalization has remained in the range of $1.8 to $1.9 billion, suggesting stability in the market. Meanwhile, Bitcoin price is in a consolidation phase after last week’s rapid rally above $20K, a key support level.
At the time of writing, the Bitcoin price is trading at $28,315 against the USDT pair with an overnight gain of 1.37%. The trading volume also increased by almost 24% to $12.23 billion in the last 24 hours.Â
Buyers seem to be getting tired as the BTC price traded sideways above $27,700 and $28,500. However, the largest cryptocurrency reached a 2023 high of $28,028 on March 30.
![Bitcoin Price Chart](https://www.cryptotimes.io/wp-content/uploads/2024/02/123bA5R1RM0gtamW9bCo2OuT3HD5cRlLwxXkHnLdjfpUtgnZcnFUYAtUVqxpPXp7ChhTv6R6WoQ6GDMHST4em-PCWWEJS3tD6G88VHNKG4xHDuHht5G_YJlXnuWZzp3q0JyJsCazkbF54JWWCBxniZM.png)
Following the bullish rally in March, the Bitcoin price structure drew a pole and flag pattern on the daily price scale. This bullish price action displays an upcoming bullish rally which will take place at the next conceptual round level of $30K. If this level gets broken, then the price can see a bullish rally up to $35K. Sellers may attempt a massive sell-off near the $35K area.
![Bitcoin Price Chart](https://www.cryptotimes.io/wp-content/uploads/2024/02/lTLdI-b0lSmFAe9lID68u3xhKTflBd9li3Stz4A2G79ThoZCu16pjv30r3Sswaf3UgzXHkjrzdr9YyUB-hVsm2kzLKfvKppvUWWccy7Dqs9RLiO8tV-GlVh2GvaEmyITvHToDltD6VW0Xye2JvoSmXw.png)
On the daily time frame, Bitcoin remains above all significant moving averages such as 20, 50, 100, and 200. Specifically, its low volatility and sideways market momentum could lead to a BTC crackdown below the 20 DMA (black).
- Support levels – $25,000 and $20,000
- Resistance levels – 30,000 and 35,000
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