The price of bitcoin broke out of that 41K resistance a while back and found sideways action in the 44 to 46K area.
It's been consolidating there for a week or so now as we wait to see which way it will resolve.
What is interesting is it is happening in what is the bottom of the all time high range.
Top End Range
Looking at the chart you can see the range I have highlighted with the purple box. The bottom of that range is the 44K area and currently price is bouncing along it.
It looks like price was going to fail and fall below yesterday but today we are seeing a green candle that is pushing higher.
I have no issue with consolidation here, in fact it is healthy. Just need to see price resolve to the upside afterward and make a run to 50k which is the next point of price consolidation.
Point is, price is trying to carve out this 44K area as a base just as it did back in February. Let's hope that we can get the same result.
If for some reason price sells off below 44k then the 40-41K area would be the first support.
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My take is $50k will come faster than most are expecting, after this mini consolidation period. $50k to $64k will also be peanuts for Bitcoin. There's gonna be a lot of selling near $64k imo, but once it claims that, expect madness.
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don't forget the long trend line coming from last year, it has so far mitigated upward movement. When this breaks we are going up, but I actually still believe we won't break out
https://peakd.com/hive-167922/@tobetada/crypto-analysis-or-going-for-the-third-wave
I still don't find myself into Bitcoin... I used to buy it all the time... but I make less money than some at my day job, and being a thing close to Wiccan, the way Bitcoin is brought into the world doesn't set well with me... at all. So I have refrained for the past few years, and will probably continue to do so... that is, unless BTC adopts an alternative method of manifestation that is more friendly to our Mother Earth.
Many speculate (including me) that the price will have a new support around $50K, since there has been a lot of institutional investment lately (of course this is not reliable).
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