BTC is in the "boring" phase, as called by some BTC traders. Current developments on the BTC market could be perceived like that, if we take into account the lack of adrenaline which was shaping traders sentiment before first BTC ETF approval and later, BTC halving. But, for others this is a relatively calm period for trading where steady profits could be made. During the previous week, the price of BTC reached the highest weekly level at $65.4K, however, during the week BTC was traded lower, testing support at $60K. Analysts are noting that there was evident low interest from dip buyers around levels of $60K, which could be one indication that some bottoming is ahead. The current consolidation is actually necessary in order for BTC to take a new rebound in the future period. Still, at this moment, no one can be sure for how long this consolidation could last.
Although BTC started Saturday`s trading session above support line at $60K, a shy dip buyers managed to return the price to the levels around the $61K. RSI reached the level of 43, and was not able to pass the line of 50, and indicate potential for a run toward the overbought market side. Moving average of 50 days is slowing down divergence from MA200, and currently indicators are moving as two parallel lines. There is still no indication that the convergence has started, and in this sense, there is a long road toward the potential cross.
The market exhaustion is quite evident on charts at this moment. This is why it is getting a bit hard for BTC to push the price toward the higher grounds. At this moment, charts are pointing to the probability for the price to reach a maximum weekly level around the $63K, but not higher from that. On the opposite side, there is also a high probability for a $58K level, but only in case if a $60K support line is broken to the downside.
Although BTC started Saturday`s trading session above support line at $60K, a shy dip buyers managed to return the price to the levels around the $61K. RSI reached the level of 43, and was not able to pass the line of 50, and indicate potential for a run toward the overbought market side. Moving average of 50 days is slowing down divergence from MA200, and currently indicators are moving as two parallel lines. There is still no indication that the convergence has started, and in this sense, there is a long road toward the potential cross.
The market exhaustion is quite evident on charts at this moment. This is why it is getting a bit hard for BTC to push the price toward the higher grounds. At this moment, charts are pointing to the probability for the price to reach a maximum weekly level around the $63K, but not higher from that. On the opposite side, there is also a high probability for a $58K level, but only in case if a $60K support line is broken to the downside.
