Bitcoin Price Trapped in 53-Day Consolidation: Analysis Reveals These Key BTC Levels to Watch

In an X thread, top crypto analyst Sjuul, known as @AltCryptoGems, shared a comprehensive analysis of Bitcoin’s price movements. The analyst highlighted Bitcoin’s recovery from the $59,000 level to $65,000 at the weekly candle closure, signaling a positive trend.

Sjuul, who accurately predicted the previous week’s entry point at the range low, congratulated traders who capitalized on the opportunity, earning a 10% profit. However, the analyst cautioned that Bitcoin’s future trajectory remains uncertain, as it remains confined within a consolidation range.

Key Indicators

According to Sjuul’s analysis, the 4-hour Exponential Moving Average (EMA) 200 is a crucial trend indicator. If Bitcoin manages to break and hold above this level, it would be a bullish signal. Conversely, if BTC is rejected at the 4-hour EMA 200, the focus would shift to the 30-minute EMA 200, which currently acts as support for any uptrend resumption.

Bitcoin’s Consolidation Range Dilemma

Despite the positive movement, Bitcoin remains a “prisoner” of the consolidation range it has been trapped in for 53 days. Sjuul advised traders to exploit this range cautiously, either by buying at the range low, waiting for a mid-range opportunity, or for the range to be reclaimed. However, the analyst warned that ranges are neutral formations, and it’s impossible to be 100% certain whether the current range represents accumulation or distribution until it is finally resolved.

Significantly, Bitcoin is currently trading just below its 2021 all-time high (ATH), mirroring the situation in November 2020 with the 2017 ATH. Sjuul emphasized the importance of Bitcoin continuing to push higher from this level and avoiding acceptance at lower prices.

Liquidity and Resistance Layers

Regarding liquidity, most of the downside liquidity has been cleared, shifting attention to the upside. Sjuul identified several resistance layers above the current price, with the larger cluster residing just below $72,000.

Furthermore, the funding rate remains neutral, indicating a healthy market favoring long-term exposure. Additionally, the Crypto Fear & Greed Index is recovering along with Bitcoin’s price after the recent downfall.

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Price action

According to price data from CoinMarketCap at the time of writing, the Bitcoin price stands at $66,348.86, up 1.94% in the last 24 hours.

Sjuul’s analysis offers valuable insights into Bitcoin’s current price dynamics and potential future movements. However, traders should exercise caution and conduct their own research before making investment decisions.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.