Bitcoin’s price is yet to end its consolidation and has not shown any desire to continue higher in the past several weeks.
The Relative Strength Index has been on the rise and is now on the verge of rising above the 50% threshold, meaning that the momentum is shifting bullish. This leaves the midline of the descending channel as the most important resistance element that is keeping the market from rallying once again.Looking at the 4-hour chart, it is evident that the price has been repeatedly testing the $60,000 support level over the recent weeks.
Bitcoin’s price has failed to keep up its significant upward momentum and has been going through a gradual correction over the past couple of months. While there could be many reasons for such corrections, profit realization is the most prominent.
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