Cryptocurrency Bitcoin (BTC) has recently reached a crucial point of resistance at the $30K mark, halting its upward trend and resulting in a period of steady consolidating. Despite the apparent lack of direction, the indicators show a potential bearish reaction while the increasing difficulty metric and the network hashrate suggest that the network is more secure, indicating bullish potential. Nevertheless, a breakout from the current $28K range could be the next step in determining the mid-term response from the coin.

The Relative Strength Index (RSI) is currently below 50, suggesting that Bitcoin is trading in the bearish territory. As the RSI enters the oversold region, it increases the chances of a correction. In this case, the $25K region, which aligns with the 50-day moving average, will become the primary support level for Bitcoin.

On the other hand, the recent data from CryptoQuant shows that the difficulty metric has established a new all-time high, signifying more miners actively running their machines. This is a bullish sign for the cryptocurrency, yet, bullish movements must be validated with a breakout of the current trading range.

In conclusion, Bitcoin currently remains in a crucial moment, as uncertainty remains due to its steady movements around the $28K range. Any breakout above or below the range could influence the direction of the cryptocurrency, yet, the network hashrate and difficulty metric suggest that the sentiment remains bullish. It is only after a convincing breakout which direction BTC will take.



Other News from Today