The market leader is now in line for a final indication towards positive movement from current levels. For a long time, BTC has maintained a consolidative and defensive price action, barely being able to tackle the resistance levels. The pullback consolidation and support from the lower band near $18,000 is adding positive strength to this token.
The market capitalization of Bitcoin is hovering closer to USD 400 Billion. Failure to hold gains made above $21,000 is creating a decline in demand for BTC tokens. The previous set objective of reaching $100,000 seems far but possible.
Bitcoin is struggling to overcome the selling pressure of around 100 EMA; prolonging consolidation showcases the buying sentiment. Surpassing 100 EMA could create a fear of missing out and propel a Dogecoin-like super rally. Technicals are bullish, but opportunities for marking multiple gains are limited.
With the 100 EMA curve trading around $21,200, the outlook for Bitcoin remains hold and watch. Once this major price action hindrance is removed, an upside could be possible for this token. Short-term technical indicators are trading in bullish territory, with RSI moving above 60 and MACD operating on bullish turf.
The transactional volume of Bitcoin seems to be suffering, but a sudden reversal of its sentiment can further create a buying spree in a short duration. Historically since May 2022, BTC has failed to mark a breakout above the 100 EMA curve, which is a much-needed dosage to re-ignite the positive sentiment in a heavily beaten-down cryptocurrency such as BTC. Compared to its peak value of $67,000, the last traded value of $20,760 creates a tremendous upside potential to reach this peak value.
