Daily

<p>Bitcoin&#8217;s price has been consolidating between the 50-day moving average at $28,310 and the $30K resistance region. However, it seems likely to break out of this decisive range, determining its upcoming rally’s direction.</p>
<h1 id="technical-analysis">Technical Analysis</h1>
<p><strong>By <a href="http://twitter.com/Greatest_Trader" data-wpel-link="external" target="_blank">Shayan</a></strong></p>
<h2 id="the-daily-chart">The Daily Chart</h2>
<p>After finding support at the 50-day moving average of roughly $27K, the price started a steady uptrend, aiming to surpass the $30K region for the second time. However, Bitcoin failed to surpass this crucial resistance zone, resulting in a slight decline.</p>
<p>Nevertheless, the BTC price is currently consolidating within the tight range of the 50-day moving average at $28K and $30K.</p>
<p>A breakout beyond the $30K region will significantly impact market sentiment, as it is a crucial psychological resistance. Conversely, a decline below the 50-day moving average may result in volatility and consolidation in lower price ranges.</p>
<figure id="attachment_249072" aria-describedby="caption-attachment-249072" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-scaled.jpg" data-wpel-link="internal"><img class="wp-image-249072 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-scaled.jpg" alt="btc_price_chart_0305231" width="2560" height="1386" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-300x162.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-1024x554.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-768x416.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-1536x832.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-2048x1109.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-249072" class="wp-caption-text">Source: TradingView</figcaption></figure>
<h2 id="the-4-hour-chart">The 4-Hour Chart</h2>
<p>Monitoring the 4-hour timeframe, it is apparent that the price has been stuck inside a static range between $30K and $27K. Recently, BTC experienced high volatility, resulting in big red and green candles without showing any clear sign of the overall market bias.</p>
<p>Ultimately, Bitcoin&#8217;s price is likely to break out of this range in the upcoming weeks, and the direction of the cryptocurrency&#8217;s following trend will heavily depend on the breakout&#8217;s direction. However, with the RSI indicator standing at the 50 mark, indicating a state of equilibrium between the bulls and the bears, BTC is expected to undergo a consolidation stage alongside volatility.</p>
<figure id="attachment_249074" aria-describedby="caption-attachment-249074" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-scaled.jpg" data-wpel-link="internal"><img class="wp-image-249074 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-scaled.jpg" alt="btc_price_chart_0305232" width="2560" height="1386" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-300x162.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-1024x554.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-768x416.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-1536x832.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-2048x1109.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-249074" class="wp-caption-text">Source: TradingView</figcaption></figure>
<h1 id="on-chain-analysis">On-chain Analysis</h1>
<p><strong>By: <a href="https://twitter.com/TradingRage" data-wpel-link="external" target="_blank">Edris</a></strong></p>
<p>Bitcoin&#8217;s price has been on the rise since rebounding from the $16K level a few months ago, leaving many investors hopeful that the bear market is finally over and a new bullish phase has begun. However, miners seem a lot more pessimistic.</p>
<p>This chart demonstrates the miners’ position index (MPI) metric, which displays the ratio of total miner outflow to its one-year moving average of total miner outflow. High values indicate mass selling by the miners, who are one of the most critical cohorts in the market.</p>
<p>The MPI has spiked recently, showing its highest values since January 2021, indicating that the miners have sold their coins at a significant rate near the recent highs. This could be considered a bearish signal, and if continued, their selling pressure could lead to a reversal and continuation of the bear market in the short term.</p>
<figure id="attachment_249073" aria-describedby="caption-attachment-249073" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-MPI-May-3-2023-scaled.jpg" data-wpel-link="internal"><img class="wp-image-249073 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-MPI-May-3-2023-scaled.jpg" alt="btc_miners_position_index_chart" width="2560" height="1614" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-MPI-May-3-2023-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-MPI-May-3-2023-300x189.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-MPI-May-3-2023-1024x646.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-MPI-May-3-2023-768x484.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-MPI-May-3-2023-1536x969.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-MPI-May-3-2023-2048x1292.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-MPI-May-3-2023-50x32.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-249073" class="wp-caption-text">Source: CryptoQuant</figcaption></figure>
<p>The post <a href="https://cryptopotato.com/btc-consolidates-below-29k-but-is-this-the-calm-before-the-storm-bitcoin-price-analysis/" rel="nofollow">BTC Consolidates Below $29K but is This the Calm Before the Storm? (BItcoin Price Analysis)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

BTC Consolidates Below $29K but is This the Calm Before the Storm? (BItcoin Price Analysis)

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