- Bitcoin price holds firmly to the demand zone above $40,000 and is reinforced by the 100-day SMA.
- The IOMAP on-chain model highlights immense resistance and support levels, hinting at BTC’s consolidation lasting longer.
The flagship cryptocurrency appears to be in stasis between a rock and a hard place. On the downside, $40,000 has grown to be formidable support, while on the upside, $44,000 is a significant hindrance to the uptrend.
At writing, Bitcoin trades slightly above $40,000, and bulls seem to have the upper hand. The 100-day Simple Moving Average (SMA) fortifies the demand zone in green while the 200-day SMA adds weight to the resistance, marginally above $44,000.
Bitcoin Price Consolidation Could Last Longer
Many analysts believe that Bitcoin is at a crucial junction and that bulls will likely emerge winners in the ongoing brawl. However, it is essential to anticipate a more extended sideways trading period based on the overall technical picture.
As established, Bitcoin is free to move between $40,000 and $44,000 in the meantime, but action to the supply zone in red would not be an easy task. The Moving Average Convergence Divergence (MACD) slightly inclined to the bearish side, notwithstanding the leveling motion.
On the other hand, the Relative Strength Index (RSI) holds 40 as the immediate support and points upward. This infers that buyers have a firmer grip and could eventually push the price. Hence, the tug of war between the bulls and bears will likely continue in the coming sessions until we get a formidable break, either above $44,000 or below $40,000.
BTC/USD Daily Chart
The picture of Bitcoin in stasis is also reflected from an on-chain point of view. According to IntoTheBlock’s IOMAP, Bitcoin has few open spaces to explore. Immediate on the upside, the bellwether cryptocurrency is coming to terms with the immense barrier, running from $41,763 to $43,025. Here roughly 901,600 addresses bought approximately 574,800 BTC. This zone is succeeded by several other relatively strong resistance such as $43,625 and $44,995.
On the flip side, Bitcoin sits on top of a robust demand zone, spanning from $39,240 to $40,504. Here, around 544,000 addresses purchased nearly 520,000 BTC. As long as the support and the resistance remain intact, Bitcoin will stick to consolidation a while longer.
Bitcoin IOMAP Chart
Bitcoin Intraday Levels
Spot rate: $42,000
Trend: Bullish bias
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?