Bitcoin (BTC) is trading at $84,657.78, recording a mild daily dip of 0.18%. The daily chart reveals a consolidation zone between $78,000 and $88,000
Bitcoin (BTC) price displayed a mild daily dip of 0.18%, bringing its recent gains from the $78,000-$88,000 consolidation zone into focus. The daily chart showed price resting above the 20-day simple moving average (SMA) of $82,930.39, with Bollinger Bands (BB) beginning to squeeze. This pattern signaled reduced volatility, a classic precursor to a breakout or a period of strong accumulation.
While MACD (12, 26) on the daily timeframe had started forming a bullish crossover, with the MACD line moving above the signal line and early green bars appearing on the histogram, the momentum shift was still in its early stages.
On the 4-hour chart, Bitcoin displayed a textbook ascending triangle, defined by higher lows and resistance at $86,000. This pattern usually signaled a bullish continuation. Bollinger Bands were beginning to expand, indicating increased volatility on the horizon. MACD remained in positive territory.
The 30-minute chart showed short-term consolidation between $84,400 and $85,200, showing an accumulation phase. Bollinger Bands were compressed, suggesting that a significant move could occur soon. MACD had slightly turned downward, suggesting a minor dip before a possible rally.
Bitcoin’s structure was well-defined, with immediate support at the 20-day SMA of $82,930.39. If this level broke, the next significant support was at $77,996, the lower Bollinger Band.
On the upside, resistance was at $86,000, and a breakout threshold was present near $87,864. A sustained move above this zone could lead to a rally toward $90,000. These levels would likely dictate short-term market direction.
Macro sentiment remained cautiously bullish, supported by easing macroeconomic pressure and optimism following Bitcoin’s halving event. Liquidity remained good, and institutional interest was sustained. However, traders were awaiting a technical catalyst. Without a strong breakout or a strong fundamental trigger, Bitcoin may continue to consolidate. Still, technical indicators suggested momentum was gradually shifting in favor of the bulls.
