Convergence

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 <p>The most prominent crypto’s commendable stability can be attributed to low volatility, decoupling from the stock market which means limited reaction to economic factors like Thursday’s Consumer Price Index (CPI).</p>  
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 <h2 id="bitcoin-price-stable-but-ready-to-move">Bitcoin Price Stable But Ready To Move</h2> 
 <p><a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> price&nbsp;is trading at $29,404 after testing and rebounding from support at $29,000. After successfully dealing with resistance at the 50-day Exponential Moving Average (EMA), the path with the least resistance seems to be to the upside, bringing the psychological seller congestion at $30,000 within reach.</p> 
 <p>Despite the flat movement of the Moving Average Convergence Divergence (MACD), a buy signal is highly likely. Traders seeking new exposure to long positions in BTC should be looking out for the MACD line in blue crossing above the signal line in red.</p> 
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  <img decoding="async" class="size-full wp-image-156532" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201137%20609'%3E%3C/svg%3E" alt="Bitcoin price in range under $30k with support at $29k" width="1137" height="609" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/14/44e24530ae69063b2bdd230638af0a6b.webp"> 
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  <figcaption id="caption-attachment-156532" class="wp-caption-text">
    BTC/USD daily chart | Tradingview 
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 <p>A bullish rectangle, as observed on the chart implies that&nbsp;<a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> price is in the process of breaking out to higher levels.</p>  
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 <p>The bullish rectangle pattern signifies a strong uptrend that pauses before resuming its upward movement. It forms when the price moves sideways between two parallel horizontal lines, creating a box-like shape.</p> 
 <p>Traders can capitalize on this pattern by buying when the price breaks above the upper line, indicating a continuation of the bullish trend.</p> 
 <p>Note that, traders use the height of the rectangle to estimate the target price after the breakout. In this case, buy when <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> has broken above $resistance at $31,450 and consider cashing out at $33,911.</p> 
 <p>Ahead of the rectangle breakout, investors may ride the wave to $31,430 by buying BTC as it recovers above the 50-day EMA (red) at $29,346.</p>  
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 <p>If range support at $29,000 weakens, the MACD might confirm a sell signal instead, thus forcing&nbsp;<a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> to abandon the breakout above $30,000.</p> 
 <h2 id="miner-accumulation-to-precedes-bitcoin-price-rally">Miner Accumulation To Precedes Bitcoin Price Rally</h2> 
 <p>Discussions around major institutional investors like Blackrock entering the crypto market have continued to heat, especially with the Securities and Exchange Commission (SEC) deliberating approving the first exchange-traded product (SEC).</p> 
 <p>According to&nbsp;on-chain insights from CryptoQuant&nbsp;“… if ‘Token Transferred’ and ‘Velocity speed’ increase along with the price increase, this is likely a precursor to an upward rally.”</p> 
 <p>Meanwhile, miner activity implies that <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> is consolidating ahead of the next bullish breakout. Past bullish cycles have shown that miners tend to accumulate ahead of the halving.</p> 
 <p>“Miners were sellers starting in Aug 2022 and finally starting on May 27 this year they started accumulating. Technically speaking, it’s in their best interest economically speaking to start accumulating before the halving which is scheduled for April 2024.”</p> 
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    Bitcoin miner reserves 
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 <p>However, there was a noticeable increase in BTC inflows into spot exchanges likely to have dampened the potential momentum from “muted outflows as price hovered in a tight range of 29k-$31k.</p> 
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Bitcoin Price Consolidating Ahead Of The Next Bullish Breakout

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