BITCOIN PRICE UPTREND STALLS, MAKES $34,000 LIKELY AS MARKETS DON'T PAUSE

$BTC

Bitcoin (BTC) price uptrend seems to have lost steam. With the king of crypto still consolidating within the confines of an ascending parallel channel, a retest of the lower boundary seems likely following weakening momentum.

The Relative Strength Index (RSI) indicator is not only moving flat but also deviating to the south, hinting at buyer exhaustion now that momentum is falling. The Awesome Oscillator (AO) histogram is also moving toward the midlines with a sustained series of red bars as seller count continues to increase. Also, the Moving Average Convergence Divergence (MACD) indicator has also crossed below the yellow band, another sell signal that arises as longs close their positions.

As such, Bitcoin price could soon break below the lower boundary of the ascending channel to potentially test the $34,000 level. If this support level fails to hold, the slump could extend to $32,000 or even the $31,190 support level. Such a move would constitute a 12% slip from current levels.

The narrative would be different, however, if sidelined investors join the rush, with the ensuing buying pressure extending the gains for Bitcoin price. In such a turn, BTC could overcome the $35,500 barricade and move higher, breaking past the $35,984 range high.

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