Bitcoin Price Consolidates Between $44K and $47K as It Pauses Above $44K
Bitcoin’s (BTC) price is trading at $45,310 as it pauses above $44K.
Following September 7 bearish impulse, BTC price has been confined between $44,000 and $47,000 price levels. The upward move is threatened as it faces stiff rejection at the recent high. Similarly, the bears have retested the lower price thrice as bulls bought the dips. Bitcoin will resume upside momentum if price breaks above the $47,000 high. In the same vein, the selling pressure will resume if the bears break below the $44,000 support. Nonetheless, the current sideways move is likely to continue for a few more days.
Bitcoin (BTC) Indicator Reading
The king coin has fallen to level 44 of the Relative Strength Index period 14. It indicates that Bitcoin is in a downtrend zone and capable of falling on the downside. The bears have broken below the moving averages as bulls attempt to resume upward. The downtrend will resume if the price bars are below the moving averages. BTC price is above 30%range of the daily stochastic. The stochastic bands are sloping horizontally indicating the price action as Bitcoin is range-bound in a tight range.
Meanwhile, Bitcoin is in a downward correction as it pauses above $44K. Yesterday, sellers attempted to breach the current support but bulls bought the dips. As buyers pushed the altcoin upward, the upward move was resisted at the 21-day SMA.
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