Bitcoin – Identifying whether the range low will hold again

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionLong-term holders accumulated more during latest price consolidationwas at a crossroads as the bears and bulls fought for the $30k price level. Since Wednesday , BTC has closed its daily candlestick sessions below $30k. The trend reinforced bears’ increasing leverage as they sought to flip $30k to resistance.

So, a drop below $29.5k and subsequent breach of the 50-EMA of $29.3k will cement bears’ leverage in the market. In such a bearish scenario, the crucial support levels to watch are $28k and $26.6k, especially if next week’s FOMC meeting takes a hawkish stance and unnerves investors. Conversely, bulls could reinforce their position if they secure the range-low area of $29.3k – $29.5k. However, the $31.5k and $32k levels remain the immediate hurdles to clear before BTC stretches for $34k.

Meanwhile, the RSI retreated from the overbought zone and crossed the 50-mark, at the time of writing. Similarly, the CMF breached below zero. Taken together, the indicators underscored increasing bears’ leverage.Despite bearish overtures, long-term BTC holders accumulated even during latest price fluctuations. Notably, the Total Supply Held by Long-Term Holders graced a new high of 14.5 million, despite BTC threatening to record a bearish breakout.

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