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BTC presents the ultimate test of patience
CRYPTOS | 07/28/2023 23:36:56 GMT
Bitcoin price remains within a bind, sliding horizontally as bulls take the back seat.
Bitcoin (BTC) has continued to move within a bind for almost six weeks now, a lack of volatility that has exhausted investors' patience. The drag has extended to altcoins, with Ethereum (ETH) and Ripple (XRP) prices not showing much activity either.
Bitcoin price continues to drag
Bitcoin (BTC) is moving horizontally, under the foothold of the 50-day Exponential Moving Average (EMA) at $29,352. This comes after BTC bounced off from the immediate support at $28,930 to continue in the multi-week consolidation between $31,462 and the aforementioned level.
Failure to flip the 50-day EMA at $29,352 into support could see Bitcoin price slide lower to lose the support offered by the $28,930 level. Such a move would give bears control over Bitcoin price, potentially causing a prolonged slump toward the 100-day EMA at $28,417.
In a highly bearish case, BTC could extend a leg south to breach the support offered by the uptrend line. Such a move would spell doom for Bitcoin price, first invalidating the bullish outlook the clearing the clog for possible retest of the $26,000 range.
The bearish outlook is bolstered by the Relative Strength Index (RSI) below 50 and the Awesome Oscillators in the negative zone, suggesting bears are leading the market.
image source
BTC/USDT 1-Day Chart
On the flip side, if buying pressure increases above the $28,930 support level, Bitcoin price could continue north, first flipping the 50-EMA hurdle into support before reaching higher. A decisive daily candlestick close above the $31,462 barricade would clear the path north, potentially marking a new range high.