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Bitcoin price again falters at the $30000 level, and the traditional cryptocurrency must sustain above the psychological level to avoid being caught in the consolidation phase for so long. Cryptocurrency investors were getting prepared for a much bigger bullish move from Bitcoin, but it looks like they have to wait a little longer to see any strong bullish rally. We can’t just nullify the strength of the fact that the effect of the Bear Market is still there in the cryptocurrency market. The whole cryptocurrency market has waited for Bitcoin price to surge above the range-bound consolidation area. However, Bitcoin price failed to sustain above $31000 level and is still faltering under the range.
Bitcoin price is presently CMP at $30078 and has lost 4.48% of its market capitalization in the last 24-hour period. However, trading volume has increased by 28.21% in the intraday trading session. This shows that small whales are still in the game, and they are still trying to let the token sustain above $30000 level. Bitcoin price must avoid being caught by the sellers while buying pressure should be increased to let the traditional cryptocurrency token sustain above the psychological level.
Bitcoin price can be observed back into the consolidation phase, which is bad news for other altcoins. As soon as BTC started rallying back into the consolidation area, other altcoins have also started following the path paved by the infamous digital currency. This shows the effect of the increased market dominance of Bitcoin all over the cryptocurrency market. Cryptocurrency investors need to wait a little longer as the blood-red candles are still in the making.
Bitcoin price slips below $30000 during the day’s trading session as the 24-hour highest and lowest price hit by the digital gold is $30181 and $29568, respectively. Cryptocurrency fear to greed index by coinglass is at 13 as BTC price slips below $30000. This shows that the crypto investors are under a situation of extreme fear and the current market sentiments are that if BTC spends more time below $30000 level, then it may create a situation of panic selling.
Funding rates are recurring payments among the long or short traders and are based on the difference between spot prices and perpetual contract markets. Depending on positions open, it is depended on, whether the traders will pay or receive capital. Cryptocurrency funding rates avert enduring divergence in the price of both the markets. Currently, the funding rate seems bullish, which shows that investors still believe that BTC will definitely sustain above $30000; well, it’s a matter of time to see if it actually does or not.
Bitcoin(BTC) price is trying to sustain above the $30000 psychological level, and the token is trying to gain the uptrend momentum. However, the weekly candle is still green, showing that BTC may recover from the consolidation phase as soon as it gains momentum.
Technical indicators suggest the consolidation phase of BTC inside the horizontal range-bound area. Relative Strength Index showcases that BTC stands below neutrality and is trying to move towards it. MACD exhibits the consolidation phase of BTC inside the range-bound area. The MACD line is ahead of the signal line and is preparing to maintain itself above it. Investors need to wait for any directional change over the daily chart.
Bitcoin price again falters at the $30000 level, and the traditional cryptocurrency must sustain above the psychological level to avoid being caught in the consolidation phase for so long. Cryptocurrency fear to greed index by coinglass is at 13 as BTC price slips below $30000. This shows that the crypto investors are under a situation of extreme fear and the current market sentiments are that if BTC spends more time below $30000 level, then it may create a situation of panic selling. However, technical indicators suggest the consolidation phase of BTC inside the horizontal range-bound area. Investors need to wait for any directional change over the daily chart.
Support Levels: $28500
Resistance Levels: $31400
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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