What’s the next step for cryptocurrency?
Bitcoin experienced another decline earlier this week, but from a technical standpoint, a sideways consolidation is still underway and will likely last for a few more days. The consolidation is not a negative thing; on the contrary, it is setting the market up for a continuation of the current trend and creating a market equilibrium, which may lead to further price expansion in bitcoin.
As long as the bitcoin price remains above the $60,000 level, the market remains predominantly bullish. However, it is important to remember that nothing is certain in the markets and anything can happen. Although the current situation suggests that bitcoin is poised for a breakout towards higher prices.
The price of bitcoin is currently consolidating within a symmetrical triangle, suggesting the possibility of future growth. The market has become very volatile, which is a signal that an equilibrium needs to be created for the bitcoin price to continue to rise. Traders now have the option to buy within a certain price range, which can be beneficial for them.
The RSI indicator suggests that the market has cleared and is ready for further bitcoin price growth. There is a possibility that the bitcoin price will still touch the support level around $60,000 as a drop to lower support around $52,000 is also possible.
In conclusion, the consolidation will be completed soon, and a breakthrough may come in the next few trading days if the bitcoin price does not fall below the $60,000 level.
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