Following an impressive upward surge in recent days, the price of Bitcoin is presently stabilizing above the significant psychological threshold of $30,000, thus establishing robust support. This consolidation period is occurring below the most recent peak for this year, which reached an annual high of $31,422.
Bitcoin (BTC) has displayed a notable price trajectory that appears to resemble a well-known technical analysis pattern known as a “bull flag” or a “pole and Flag” on the daily price chart. This pattern, known for signaling a potential continuation of an upward trend, suggests the possibility of an upcoming rally in the near future.
As of the current moment, the price of Bitcoin (BTC) has surpassed the $31,000 threshold and is currently positioned at $31,060. However, buyers are encountering difficulties as they contend with the significant resistance observed at $31,500.
On the daily price chart, Bitcoin’s (BTC) price remains comfortably distant from the 200-day simple moving average, indicating a robust level of support in the event of a price retracement.
The daily Relative Strength Index (RSI) is gradually approaching the overbought territory, signaling a potential upswing in Bitcoin’s (BTC) growth trajectory.
The bullish breakout of this bulls pattern could lead the further price rally toward the next resistance level of $35,000.
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