Bitcoin continues to hold the pivotal $30,000 mark despite the bulls continuing to relax after lifting the price by more than 25%. For the first time in over two months, the star crypto is aiming for a massive bullish weekly close.
The recent surge was fueled by industry titans such as BlackRock, Invesco, and others filing for a Bitcoin spot ETF. This nullified the bearish impact on the crypto space due to the SEC’s crackdown on the popular exchanges Binance and Coinbase.
Now that the price is consolidating within a narrow range of around $30,000, it may be assumed that the spot ETF impact may have faded. Besides, the BTC price is preparing for the next move and hence accumulating gains to trigger a significant move ahead.
Bitcoin is displaying a huge possibility of diverse price action in the short term as well as in the long term. While the price is due for a notable breakout in the STF, the probabilities of an extended consolidation emerge in the HTF.
In the short term, the BTC price is approaching the pinnacle of the bull flag after recording a massive upswing and consolidating within a narrow range. The price is yet to reach the apex, and hence a decent upswing is expected that may raise the levels close to $32,000.
The RSI displayed a bullish divergence, while the MACD is about to flash a bullish crossover as the selling pressure dissolves. Therefore, the BTC price, in the short term, appears to be extremely bullish.
Besides, in the long term, the possibility of a minor plunge emerges as the price, after breaking out for the falling wedge, appears to be prone to a retracement. Hence, current consolidation may continue between the interim resistance and support levels. If the price repeats the previous trend, then the price may continue to remain within consolidation for the next couple of months before triggering the next leg up.
Considering the short-term and long-term Bitcoin price analysis, the upcoming trend until the monthly close may be largely consolidated. However, the price may experience a minor bounce just above $31,000, which may further attract the bears. Therefore, the BTC price may trade between $29,800 and $31,300 by the end of the first half of 2023.
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