- Bitcoin price analysis shows accumulation theme getting more assertive on the charts
- A bullish breakout may happen if the price crosses $35k before the weekend ends
- BTC bounces off $32,500 to trade near $33,737 level
- Traders do not expect a dip towards $25,000 due to strong support near $30k
Another week featuring choppy trading has come to an end where BTC/USD barely moved 4.7 percent. Most altcoins are trading within a range and have a downward bias. Ethereum has proven to be an exception, though. As BTC/USD trades closer to $33,000, the traders sit on the sidelines to avoid any knee-jerk reaction.
A double bottom pattern starts to emerge in the charts where the pair is looking to move higher post the current accumulation phase. Bitcoin price analysis shows the price channel is showing a slight ascending trend on the short-term charts. The 20-day moving average at $36,490 beckons the price channel that is witnessing a rise near the $34,000 level.
As the price hovers near $34,000, the Bitcoin price analysis shows a minor Head-and-Shoulder pattern on the hourly charts. The confluence of multiple patterns on the charts shows that the muted BTC activity is sure to get active next week according to Bitcoin price analysis.
Bitcoin price movement in the last 24 hours: Low weekend liquidity won’t do much
The BTC/USD touched a low of $32,700 before recovering slightly to end the day. Today, the price opened up near $33,334 and remained more or less near this level. At the time of writing, the BTC trades at $34,390 with a mix of green and red candles all over. The pair moves within a tight range of $1,000 and moves near the upper resistance at $35,000.
The sellers are also not taking any chances near the $33,000 zone as it has been proven challenging to break below this pivot point. The bulls have been significant in this price range and helping in the accumulation theme.
Going into the weekend, Bitcoin does not look all gloomy since the zig-zag price action has wiped off some negative outlooks. The theme moves towards a consolidation narrative which can also mean that the bulls are preparing for an uptrend in the coming days. A minor ‘leg down’ may take the price near the $30,000 once more in the next week’s trading sessions.
BTC/USD 4-hour chart: Technical indicators support a neutral outlook
The RSI is at 54 level, which means the price is pushing towards the upper Bollinger Band. There could be a minor correction where the price can dip towards the $33,400 support zone where the lower Bollinger Band waits to support the fall according to Bitcoin price analysis. A combination of wave patterns along with a sloping trendline can be seen over the weekend.
Since falling from $64,500 all-time highs, the BTC/USD pair has seen considerable consolidation. The lower range still lies near $28,000, representing a massive chasm in the current downtrend and the all-time highs. Thus, bearish traders may still expect the chasm to widen towards a $20,000 support area. A solid downtrend may not materialize until the price breaks below the $30,000 pivot point.
The trendline is not sloping excessively, and the price channel is neutral to upwards as per Bitcoin price analysis. A breakout may form near the current levels provided the upper Bollinger Band at $35,320 gives way to the rising price. Massive volumes are required to accomplish such a feat, and weekends are not famous for their volume data.
Bitcoin price analysis conclusion: Stagnation likely to end next week
If we consider long-term weekly charts, the stagnation is in its sixth week now. Technical signals show a neutral stance, and the pair is stuck within a tight range for an extended period. Accumulation would likely result in a bullish upward trend in the next few days as per Bitcoin price analysis. Altcoins will follow suit if the BTC/USD pair shows a decisive movement.
The head and shoulders pattern is now almost two months old. The breaking of the 3.618 Fibonacci extension may beckon the bulls to take action. The volumes won’t take long to build, provided the buyers take the price above $35,900 in a decisive bullish move. Securing a $33,000 support zone is also crucial to save the 1.618 extension zone.
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