BTCUSD → Consolidation after the rally. What's next?
Updated
BTCUSD is in the uptrend phase, actively and quite confidently holding back all negative news. The price is forming a retest of 43250, realizing price consolidation above the 50-day moving average. Pic: Uptrend. Price is testing the trend boundaries, but continues trading inside the range
The market continues to form an uptrend since the formation of the bottom in the market. At the moment we see the formation of a sideways range 44500 - 40225, which at the moment plays the role of consolidation. Short and long squeezes, shakes relative to the range boundaries indicate a phase of strong accumulation of potential before further movement in one or another direction. Based on the technical and fundamental component, the market seems to be preparing to continue its growth.
The area of 42000 is technically important for the market in the medium and long term, as evidenced by the 2-month sawing (consolidation) of this area, which divides the market plane into two areas (bearish and bullish), but as we see the price is trying to strengthen above this area to form a strong support area before further growth.
Pic: Level 42,000. Price consolidation at the level.
Fundamentally, BTC is quite a strong asset.
- GBTC outflows continue but in much smaller volume, net inflows into ETFs are higher than outflows.
- A new problem in the US, which can play into the hands of BTC, is the situation in the US banking sector, the topic again concerns bankruptcies.
In March 2023, the Fed started printing in response to problems in the banking sector, and BTC was perceived as a safe haven. Accordingly, the restart of the Fed's printer will increase interest in BTC, which may favorably affect the crypto asset's capitalization.
Support levels: 42000, 40222, 38500
Resistance levels: 43250, 44500
The trend is bullish, technically the asset is quite strong - this conclusion can be made based on the strong consolidation after the rally. The market is starting to prepare for halving, against this background, the price may test the support zone before further growth. But, based on the overall data, in the medium and long term, the growth of the crypto asset may continue.
BTCUSD 
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Note
wallets with 1000+ BTC balances continue to accumulate BTC despite volatility - Glassnode data Santiment also notes renewed USDT inflows to exchanges
And Tether continues to print billions of USDT
Note
Local scenario:
The price gradually continues to approach the resistance 43305, which currently restrains the BTC price from further growth
If the cryptocurrency continues to slowly forge a pre-breakdown consolidation and slowly push up to the resistance, then the probability of a breakout after another retest will increase.
The local panic zone is 42264.
The target at the breakout of 43305 will be 44490.
Note
Note
Coinbase analysts note that the pressure on BTC has significantly decreased as FTX sold off its GBTC holdings. The cycle of monetary policy easing and the end of the Fed's balance sheet reduction program may support crypto in 2H 2024
Note
ConsolidationNote
Note
Price 45500bitcoin recovers and moves into a new range
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