BTC Struggles Around $21K as Market Sentiment Remains Indecisive (Bitcoin Price Analysis)

The Bitcoin price is consolidating above the $20K mark. As the 2017 all-time high, $17K-20K, the range could provide support and may even trigger a rally towards the $30K level.

Technical Analysis

By Edris

The Daily Chart

Before a potential retest at the $30K supply zone, the price must break the $24K resistance and 50-day moving average. A rapid fall towards the $15K mark or beyond could be possible if BTC does not gain enough bullish momentum.

Source: TradingView

The 4-Hour Chart

The price broke the descending channel pattern to its upside in the 4-hour timeframe. This pattern is bullish and could be paired with strong support levels.

The price has been trending slowly towards $24K, despite a pullback to the broken trendline. This lackluster bullish momentum is a concern as it indicates that sellers remain in control. A further fall could be expected even before a retest at $24K.

Source: TradingView

The more likely scenario is a prolonged consolidation between the $20K- $24K levels, before buyers or sellers can gain control over their counterparts and create the next trend. Overall, the 4-hour price action looks very slow right now, which is indicative of the indecisiveness among market participants following a huge crash in the last few months.

Onchain Analysis

By Shayan

The MVRV, or Market Cap to Realized Cap ratio, is a measure of whether a coin’s price is undervalued. This indicator on-chain may be used to map the market.

Market tops are characterized by values above 3.7, and market bottoms are characterized by values below one. Recent market crashes have seen the market retest its all-time high. The MVRV metric dropped to below 1 for the first time since the Covid crash. However, the market’s momentum remains poor. Bitcoin is at these price levels undervalued based on the MVRV metric.

Source: CryptoQuant

The market is in its final bear market stage. A new bullish cycle can be expected once this capitulation phase of long-term investors and retailers ends.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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