• Bitcoin’s price rally has come to a halt as the market has been consolidating below a significant resistance level for weeks.
• Technical analysis shows that while there is some short-term bearish momentum, a very bullish signal is also developing.
• The 50-day moving average is on the verge of crossing the 200-day moving average to the upside around the $20K mark, which could signal a possible bull run in the mid-term.

BTC Price Rally Halt

Bitcoin’s recent price rally has come to a halt as the market has been consolidating below a significant resistance level for weeks.

Technical Analysis

Technical analysis of recent daily candles suggest that the bullish momentum is fading, however there are still some signs of hope in terms of a possible bull run in the mid-term. The RSI indicator has dropped below 70%, indicating that we may be entering a pullback phase, but at the same time, it could be signaling an upcoming break out from this area of consolidation with values below 50%. The 50-day moving average is currently on the verge of crossing above 200-day moving average around $20k mark – which could potentially lead to higher prices in coming days.

4 Hour Chart

The 4 hour chart suggests further bearishness as it has yet to break out from its tight range between $24k and $22.5k levels and currently testing lower boundary of this range. The RSI also points toward dominance of sellers with values below 50%.

Short Term Pullback?

It seems likely that we will see a short term pullback before any major move up or down happens, however if prices start breaking above $25K level then we can expect more gains from hereon out.

Mid Term Bull Run?

Overall it looks like even though there might be some short term bearishness present right now, mid term prospects remain positive and if 200 day moving average crosses over 50 day MA then we can expect good news for bulls in coming days!