The bitcoin price has been trading within a pre-defined range for the past few days, due to which the volatility has been hampered to a large extent. The bulls refrain from triggering a notable upswing. The market conditions also remain pretty misty, due to which the rally continues to trade close to the newly formed support at $30,000. However, the price continues to display decent chances of a bullish breakout, but a bearish impact also emerges. that may drag the price close to $29,000.
In the short term, the BTC price is trading along the descending trend line as the resistance levels are depleting. On the other hand, the support levels remain the same at $30,000, due to which the price is getting compressed. In the next couple of days, if the rally maintains a similar trend, then excess compression may lead to a massive explosion.
However, the direction of the explosion may certainly not be known as bullish and bearish possibilities emerge.
The BTC price in the short-term has rebounded from the immediate lower support at $29,857 and is heading toward interim resistance above $31,000. As the price reaches one of the major resistance levels at $31,029, the bulls are required to trigger a fine upswing. This may pave the way for the price to rise towards the next level close to $32,000, which appears less likely.
The weekend is fast approaching, and hence, volatility is also expected to rise. Here, the RSI is maintaining a significant upswing while the MACD is closer to undergoing a bullish crossover. Therefore, the price may again rise beyond $31,000 during the weekend but may again face a rejection, which may keep the rally contained within a narrow range.
