• Bitcoin has been facing a significant resistance level of $24K.
• There has been a battle between the bulls and the bears over the last week.
• The outcome of this battle will determine the mid-term direction of the price.
Bitcoin has seen many bullish signs over the last week both on-chain and technically. As a result, the price has been able to reach a crucial resistance level of $24K. However, since then, the price has been stuck in a consolidation stage indicating a battle between the bulls and the bears. This battle is likely to determine the mid-term direction of the Bitcoin price.
The daily chart of Bitcoin shows that the uptrend has been halted by the resistance level at $24K. This level is a psychologically significant one and it has been a strong resistance for Bitcoin in the past too. This is why the price has been unable to break past it and has entered a consolidation phase, printing multiple big shadows on the candle chart. This structure implies that there has been a battle going on between the bulls and the bears at this crucial level.
The outcome of this battle will determine the mid-term direction of the Bitcoin price. If the bulls are able to break past this level and sustain the price above it, then it could be the beginning of a bull market. On the other hand, if the bears are able to defend this level and the price drops below it, then it could be a bull trap and the price could enter a correction.
In order to evaluate the mid-term direction of the Bitcoin price, traders and investors will have to wait and see which side of the battle wins. Until then, the price is expected to remain stuck in a consolidation stage with no clear direction.