Bitcoin (BTC) Price Watch: Major Consolidation Break!

Bitcoin Price Key Highlights

  • Bitcoin price recently broke at the top of the consolidation visible on the 1-hour timeframe.
  • This could be indicative of further gains in the cards, although oscillators suggest a slowdown in the bullish momentum.
  • The strong upward break is attributed to the impending SEC deadline for some bitcoin ETFs on August 23.

Bitcoin prize made a sharp upward break with its short-term consolidation to indicate that there are even more rallies in the game.

Technical indicators Signals

The 100 SMA recently crossed the 200 SMA in the longer term to indicate that the path of least resistance is upward. This means that the rally gets a better chance to get a grip than to withdraw here. The prize also passed the dynamic inflection points of the moving averages that could continue to count as support.

The consolidation includes $ 5800 to about $ 6600, so the resulting climb could be at least $ 800. RSI, however, already indicates what is overbought, so buyers who take a break can invite sellers to take over. Stochastic has some space to stand up before it reaches overbought levels, but also approaches the area.

A rapid decline to the aborted range resistance could follow and more buyers could join at this level to push the bitcoin price beyond the $ 5800 swing high. A stronger return on sales pressure could, however, enable consolidation.

BTCUSD graph from TradingView

BTCUSD graph from TradingView

The recent higher population is attributed to anticipating the SEC decision on a number of bitcoin ETF applications on 23 August. This batch of ProShares was submitted in December, so that the regulator could no longer extend the deadline for their ruling, in contrast to they did for VanEck / SolidX.

The denial of these applications could, of course, cause a lot of jitters in the industry, so that many would expect that their next statement, which would take place towards the end of September, could have the same result.

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