With the latest recovery, it wouldn’t be wrong to say that the price of Bitcoin has moved past the downside pressure. The price climbed past $30,000 and was able to hold its ground despite the bearish actions that continue to prevail in the markets. However, it doesn’t look like the price can sustain a strong downtrend, and the bears also seem to be gearing up hard to push the price down.
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As seen, the price of BTC has formed a bullish flag pattern and is therefore looking for a significant push to accomplish a breakout. Meanwhile, the RSI suffered a slight pullback while continuing to hover along resistance levels. As long as the RSI holds at these levels, the price should be trading within the flag, and a minor push may force the price to break out of consolidation and move higher.
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Additionally, the BTC CVD, or Cumulative Volume Delta, which measures the influx of liquid volume to an asset, shows a diversified action between spot and perpetual. According to data from Skew, market spot buyers continue to reduce spot supply while perpetuals continue to short BTC with each bounce.
Therefore, this only brings up the possibility of a clean violent breakout if strong spot acceptance above $30,400 is recorded. Therefore, the next few hours appear to be crucial for the Bitcoin (BTC) price as it is constantly consolidating just below these crucial levels, aiming to clear these levels at the earliest.