The markets are turning choppy nowadays, which makes it more valid to ascertain that investors are pretty much unsure of the next plan of action of the major cryptos. As long as the Bitcoin price maintains its sluggish trend, no major price action may be expected. However, the liquidity flow from the major tokens like Bitcoin & Ethereum to the other altcoins has commenced, which may compel the top 2 tokens to maintain their consolidation for a long time.
The star crypto Bitcoin’s price action is one of the most pivotal observations within the space, as the majority of the altcoins follow the BTC price movement. Presently, the price is stuck between the buyers and the sellers. Both hold an equal chance to succeed, and the price will move accordingly. However, the BTC price is up by more than 84% this year, and hence, it is pretty clear that the bullish momentum is gearing up.
But why is the Bitcoin price trading sideways? Until when can it remain stuck below $31,000?
The price sticks in the range position in the middle of the parallel channel with less volatility and volume. The only way to trigger a breakout from the coalition is to undergo more correction towards the south, which appears mandatory. And to trigger a fine correction, a jump toward the resistance levels is very much required. Hence, continuing the same price action, the price is expected to rise, reach the upper resistance zone, and test the upper bands of the channel.
Unfortunately, the bears may yet again restrict the rally and compel the price to face rejection, resulting in a steep downswing below $29,000 toward the daily support range. Therefore, with the analysis, it can be said that the bears continue to have a slight upper hand until any major positive event does not change the entire scenario within the crypto space.
