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30 April 2024 | FXGT.com

Bitcoin Technical overview – Sideways consolidation continues

Downward Momentum: Over the past week, Bitcoin has experienced a 5% decline, marking a structured downtrend on the hourly chart. Despite the short-term trend, the daily timeframe remains contained within its ongoing sideways consolidation.

Market Consolidation: While the price remains above $60,000, the current consolidation can be interpreted as a temporary pause in the longer-term trend. However, the recent absence of strong bullish momentum is adding downward pressure, increasing the likelihood of further retest of the $60,000 support level.

Key Support Level: Should Bitcoin’s price break below $60,000, it would indicate a shift from a sideways to a downward trend, potentially leading to a significant correction. This drop could set the stage for reaching the psychological threshold of $50,000.

Resistance Cap: The recent peak of $67,500, reached following the halving event, is now established as a key resistance level. As long as the price continues below this mark, momentum in the medium-term remains bearish. This level needs to be monitored as a potential trend continuation point. A breakout above this resistance could trigger a further wave of buying, setting the stage for a retest of all-time highs.

BTC Daily Chart

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