Cryptocurrency Bitcoin (BTC) is currently in a state of consolidation, trading in a range between $27,500 and $28,000. Bulls had some hope that Bitcoin could push a bit higher to the $30,000 level, however, a retracement seems more likely and looming.

The range where Bitcoin is trading between, provides a great insight. A huge number of bids are present, within the range of $18,000 to $19,500, providing a significant buffer against further declines and even a potential bounce-back point.

On the other hand, ask liquidity indicates a current selling pressure, in between $29,000 to $30,000. As a result, the cryptocurrency is being rejected from breaking out of the $30,000 high resistance level.

Justin Bennett, a crypto analyst, believe that Bitcoin will eventually test the $20,000 price level. This, according to the analyst, is simply the nature of Bitcoin and its high volatility.

However, even with all the potential for retracement, there is still a bullish scenario for the cryptocurrency. Material Indicator’s analyst team suggests Bitcoin will make another attempt at hitting $30,000. This can be for the confidence that traders have in the cryptocurrency, despite all the choppy price movements within the range.

At the moment, Bitcoin is trading at $28,100, showing only a slight decline of 0.3% in the last 24 hours and 0.2% in the last 7 days. This mostly flat price movement likely hints that the cryptocurrency is preparing for a potential breakout, which will awaken its true potential and force the price to either break the $30,000 resistance level or retrace back lower to find the necessary momentum.



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