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

By Rekha chauhan
February 4, 2022 Updated February 4, 2022
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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.

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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.

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. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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