With the latest rally, it would not be wrong to say that the Bitcoin price has overcome the bearish pressure. The price has shot up past $30,000 and has been able to hold despite the bearish actions that continue to prevail in the markets. However, it does not look like the price could experience a strong downtrend, and the bears also seem to be preparing to drag the prices lower.
Further reading: Ethereum tops $2000 as Bitcoin solidifies: Is this the start of alt season?
As seen, the BTC price has formed a bull flag pattern and is therefore looking for significant momentum to breakout. Meanwhile, the RSI experienced a bit of a pullback as it continued to float along the resistance levels. As long as the RSI remains at these levels, the price is expected to trade within the flag, and minor momentum may force the price out of the consolidation and higher.
Further Reading: Crypto Market Analysis: Major Events That May Usher In The 2023 Alt Season
Additionally, the BTC CVD, or cumulative volume delta, which measures the inflow of liquid volume for an asset, is showing a diverse action between spot and perpetual. According to Skew data, spot buyers of the market continue to reduce spot supply, while perpetuals continue to short BTC on every bounce.
Therefore, this shows the possibility of a clean and violent breakout only if there is strong acceptance of the spot above $30,400. Therefore, the next few hours appear to be critical for the Bitcoin (BTC) price as it consolidates steadily just below these crucial levels, with the goal of breaking above these levels as soon as possible.
This post This is when the Bitcoin (BTC) price can trigger a violent breakout beyond $31,000
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