Bitcoin continues its tight consolidation around the $31,000 level, encountering resistance near $31,500. This ongoing battle between the bears and bulls signifies a critical juncture for the cryptocurrency.
Analyzing the price action, a close consolidation near a resistance level often precedes an upward breakout. The presence of the rising 20-day exponential moving average at $29,600 and the relaxation of the relative strength index (RSI) further support the case for a bullish trajectory.
If the buyers manage to sustain the price above the $31,000 mark, Bitcoin could gain substantial momentum and initiate the next phase of its upward trend. While a minor resistance may be encountered at $31,500, it is likely to be surpassed as the bullish momentum strengthens. With this surge, the price could potentially make a significant run towards the $34,000 level.
Stay tuned for further updates as we closely monitor the BTC price movements and provide insights into its potential trajectory.