Convergence

Rally

Bitcoin

Divergence

The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/bitcoin-price-rally-seems-fading-away-whats-next-for-btc-price/">Bitcoin Price Rally Seems Fading Away! What’s Next For BTC Price?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
The crypto industry has recorded a consolidated weekend as major cryptocurrencies have recorded minor price fluctuations. Bitcoin has traded sideways for almost a week as the market seems to have cooled off. 
The market leader was seen trading in a narrow space between $26,558.10 and $27,025.69 for a brief period, after which the market experienced a strong bullish jump, resulting in the price experiencing a jump in value.&nbsp; 
<a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin price</a> broke out of multiple resistance levels but was rejected at the $35,000 level, after this, the coin was seen trading in a consolidated range between $33,409.29 and $35,000 for two weeks. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/PkvI98msMqoN1zGERqZ8JMwpMMQ2q419iYPtGTFCjSUrJuiQonwe9GaUd636Yd2ulF9S821v8TyePtLxnJVnPsHdNpZXyz0Hmz8b8GQ1x9FuqUnR0p3lKeqwugMscWMMJlm3wlxKGSaCf-OCTqM9_K0" alt="Bitcoin Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: BTC/USDT
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</figure> 
Following the bullish move in October, where the star crypto had experienced a surge of over 28% in value, the price has recorded a reduced price action, resulting in the price displaying weak price action. 
After multiple failed attempts, the price finally managed to break out of the resistance level and recorded a yearly high of approximately $38,000, but the rally was short-lived as the price experienced a significant pullback, further price falling below the support level of $37,033.37. 
Since then, the price has been hovering close to the level and is expected to attempt a retest soon, of which the outcome is uncertain. 
The Moving Averages Convergence Divergence (MACD) displays a constant red histogram, indicating the price is experiencing an increased buying and selling pressure in the market. Further, the averages show a continuous decline, suggesting the price may undergo correction soon. 
<h2 class="wp-block-heading" id="h-will-btc-price-cross-40-000-this-year">Will BTC Price Cross $40,000 This Year?</h2> 
If the bulls push the price above the resistance level of $37,033.37, the price will regain momentum, and the price will make a run to test its upper resistance level of $38,082.91 soon. 
Further, if the market maintains the price at that level, it will set the stage for the market to attempt to test its target of $40,000 by the year-end.&nbsp; 
Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $36,000. Moreover, if the bears continue to dominate the market, it will further lose momentum, experience a price plunge, and test its crucial support level of $33,429.29.

Bitcoin Price Rally Seems Fading Away! What’s Next For BTC Price?

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