The leading cryptocurrency Bitcoin appears to be under consolidation ahead of a move toward $35,000 in the coming weeks.
Over the past several days, the total market capitalization has remained in the range of $1.8 to $1.9 billion, suggesting stability in the market. Meanwhile, Bitcoin price is in a consolidation phase after last week’s rapid rally above $20K, a key support level.
At the time of writing, the Bitcoin price is trading at $28,315 against the USDT pair with an overnight gain of 1.37%. The trading volume also increased by almost 24% to $12.23 billion in the last 24 hours.Â
Buyers seem to be getting tired as the BTC price traded sideways above $27,700 and $28,500. However, the largest cryptocurrency reached a 2023 high of $28,028 on March 30.
Following the bullish rally in March, the Bitcoin price structure drew a pole and flag pattern on the daily price scale. This bullish price action displays an upcoming bullish rally which will take place at the next conceptual round level of $30K. If this level gets broken, then the price can see a bullish rally up to $35K. Sellers may attempt a massive sell-off near the $35K area.
On the daily time frame, Bitcoin remains above all significant moving averages such as 20, 50, 100, and 200. Specifically, its low volatility and sideways market momentum could lead to a BTC crackdown below the 20 DMA (black).
- Support levels – $25,000 and $20,000
- Resistance levels – 30,000 and 35,000
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