Hey BTC enthusiasts! đ Bitcoin's price has reached a critical resistance zone, where the 100 and 200-day moving averages intersect. This could be a make-or-break moment, as the price may either undergo a pullback and enter a downtrend or break through the zone and aim for the $30K mark. đŻ
Analyzing the daily chart, Bitcoin has entered an uptrend after consolidating around the $25K mark. However, there's a high probability of rejection at the resistance area, potentially initiating a sharp downtrend. But, if buyers manage to push the price above the moving averages, the bullish sentiment could be reinstated. đ
On the 4-hour chart, Bitcoin has been trading within an ascending channel, rejected from the upper trendline. This pattern suggests sellers are dominant and indicates potential downward movement. Yet, if the price unexpectedly breaks through, a sudden surge toward $30K could be possible. đ
On-chain analysis shows a recent sharp drop in transaction counts, which could negatively impact the market soon. Keep a close eye on the price action in the coming days, as increased volatility can be expected. Stay tuned, folks! đ§