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February 26, 2024
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Bitcoin is Consolidating in a Very Important Region; Is a Bear Trap in Progress?

The post Bitcoin is Consolidating in a Very Important Region; Is a Bear Trap in Progress? appeared first on Coinpedia Fintech News

The bitcoin price remains within the same range after the bears drove the price back close to $30,500 level. The market sentiments for the star crypto have not been bearish, even though the SEC stated that the ETF filings are inadequate. However, the price is constantly failing to rise and reclaim levels above $30,800. Hence indicating the drop in the momentum of the Bitcoin bulls, due to which the price may remain under a deep consolidation for a long time. 

The decline in the BTC price is attributed to the update coming from the SEC, which stated the ETF filings were inadequate in terms of clarity and completeness. Although the companies have refiled their applications, the price continues to remain consolidated. Presently, the BTC price is trading just below $30,500, with a drop of 1.25% in the past 24 hours, while the volume has witnessed a jump of 28.05%. 

In the short term, the price is trading within a symmetric triangle and steadily approaching the apex of the consolidation. Due to a huge drop in volume, the volatility of the price has squeezed, and hence it may hover within a narrow range for some time. After reaching the apex, if the price triggers a bearish move and fails to hold $30,000 support levels, it may encounter downward pressure toward $28,700 or even reach $28,000. 

Besides, a bullish breakout may lead the BTC price to initially soar above $31,000. A successful breakout above these levels will assist the price in leading the rally above $32,500 and may also test the levels at $34,000 too. Meanwhile, the price has not yet let out any strong signals that may help to speculate on a clear and decisive move in the coming days. Therefore, it is better to wait and closely observe the Bitcoin (BTC ) price pattern throughout the weekend to analyze the next plan of action. 

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