Here are the Crucial Levels to Clear to Breakout of Narrow Consolidation
The crypto space continues to remain stuck within the minor region as the star crypto, Bitcoin, maintains a consolidated trend. Although the trading volume recorded a 32% jump, the global market capitalization slightly dropped by just 0.21%. However, Ethereum has been displaying some strength as the price levels remain above $1800.
The wider market received a notable boost during the Asian trade, as the majority of the altcoins were trading under a bullish influence. The tokens, like XRP, ADA, TRX, etc, continued to maintain a notable upswing. Interestingly, the BTC price continues to flash some bullish signals, remaining under a notable bearish influence.Â
Therefore, the star crypto is required to break above the consolidation, then it is required to clear $27,200. In such a case, the BTC price may reach levels above $29,000, as per a popular analyst, Michael van de Poppe.Â
It is now very important for the Bitcoin price to slice above $27,200 and sustain firmly above these levels. Until then, the token could maintain a sideways trend and remain flat. However, the price is currently sitting at the 200-weekly MA levels, which are acting as a strong base and may trigger a fine rebound soon.Â
Collectively, the Bitcoin price is required to hold above $27,000 to maintain a healthy upswing. However, the dropped volume could be a huge matter of concern at the moment. Currently, the volume has dropped below $10 billion, and the average transaction fee is also getting back to normal levels. Hence, the current weekly trade could be extremely important, which may decide the next course of action.Â
If the weekly close fails to hold the 200-week MA levels, then a significant deciding trend may begin, dragging the price lower to $25,000.Â
