Bitcoin’s price continues to consolidate below $25,000 for the second consecutive day but the buyer’s dominance has surpassed the selling pressure. However, this is not the criteria to justify the claim of rising bullish dominance, but it does shed a ray of hope for the revival of the next bullish wave. Meanwhile, will the impending weekend offer a similar boost as the previous one and raise the price above the yearly high?
The price recorded large consecutive bullish candles and squashed the bearish narrative for a while. Presently, the fear & greed index is gaining levels, indicating that market sentiments are slowly turning bullish. At the same time, the price of the largest crypto, Bitcoin, has again encountered a bewildering condition.
A popular analyst, Justin Bennett presents some crucial levels to watch.
“This is the BTC intraday range to watch.
$23,950 – $26,500. Notice how the mid-range comes in at the $25,200 multi-month key level.
Reclaim the $25,200 mid-range, and we likely see $26,000+
$23,950 is support with a break below that opening up the $23,130 monthly open.
$23,130 is the more macro hinge between bullish scenarios and bearish ones,”
Overall, the markets are slowly sliding off the bearish captivity, while the bulls continue to accumulate strength. Hence, the star crypto in the recent past has encountered similar situations as it appears that Bitcoin is following a calculated approach without attracting bearish attention. Therefore, the upcoming weekend may turn the tables for the BTC price, while the direction of the rally currently remains misty.