After assessing Bitcoin's technical indicators, it becomes clear that the cryptocurrency has established a supportive zone near $28,850. This is evident from the presence of multiple Doji and spinning top candles closing above this level.

On The Daily Chart:

On the daily timeframe, Bitcoin's price has been consolidating tightly below the $30,000 level. Efforts to surpass the $29,300 resistance have proven challenging, potentially leading to a further decline below the $28,880 support zone. Although there was a brief recovery attempt with the price moving above $29,200, it struggled to gain momentum beyond the $29,300 resistance. A significant obstacle near $29,600 impeded further upward movement.

As of now, the 50-day moving average stands at approximately $29,250, and it has already been breached. The next likely target in the short term could be the 200-day moving average, situated around the $27,000 level.

On The 4-Hour Chart:

Upon analyzing the 4-hour chart, it becomes evident that the price has been consistently forming lower highs and lows. Notably, the $30K level has transformed into a formidable resistance, exerting downward pressure on the price. In addition, Bitcoin's four-chart unveils the presence of an ascending broadening wedge pattern, alongside a Bearish Flag pattern. The occurrence of both a Doji candle and a spinning top candle in close proximity to the $28,800 level holds great significance, amplifying the likelihood of a bearish trend.

According to Coingabbar Price Analysis, the market capitalization of #BTC stands at $567,004,289,062. The 24-hour trading volume is approximately $10,028,081,181.

KEY LEVELS :

RESISTANCE LEVEL : $29,500-$29,900

SUPPORT LEVEL : $28,900-$28,500

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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