BTC Price Today: Bitcoin Price Consolidates Near $38k Inside Symmetrical Triangle; What’s Next?

Rekha chauhan
Updated
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
BTC Coin

Bitcoin’s (BTC) price has been trading higher in a consolidated range. BTC price is trading in a very tight range as indicated by low trading volume and muted price action over the past few days. At press time the bitcoin is changing hands at $37,654, down 0.42% for the day.

  • Bitcoin (BTC) price trades with modest gains on Friday.
  • The price is at a cross-road between buyers and sellers.
  • Expect wide swing movement once the symmetrical triangle gives breakout.

Read More: Kazakhstan Extends Power Cuts for Cryptocurrency Miners For Another Week

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Symmetrical Triangle Breakout will decide the next level for BTC Price

On the daily chart, the Bitcoin (BTC) price has been on a constant decline since November. Currently, the price hovers near the 20 and 50 DMA at the intersection of $37,500.  A break above or below $38 could be a changing point for the BTC price action.

Source: Trading view

The symmetrical triangle formation suggests BTC price could give a break out in either direction. However, the bears are pushing the Daily Relative Strength Index (RSI) below 50 exerting pressure on the bitcoin.

At the time of writing, the price has broken below the 20 and 50 moving average crossovers. Sellers would now be applying all the forces to meet the lower trend line of the symmetrical triangle at $36,156.

Next, the market participants could meet the next hurdle at $34k.

Let’s discuss another possibility from here, if the price is able to breach the $38k with good volumes then investors would jump toward the psychological $40k level in the next attempt.

In conclusion, the price will follow the breakout in the symmetrical triangle either upside or downside. Further, as per the above-given arguments, the possibilities are more for the $36k followed by the lows of January 24 at $32,923.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.