Bitcoin Price Range Confined — Bears Settling In

• Bitcoin’s price has been confined by a tight price range between the 50-day moving average and the ascending trendline.
• The breakout’s direction should determine the mid-term perspective of the cryptocurrency’s path.
• Bears have been settling in, as Bitcoin drifts away from $17K.

The price of Bitcoin has been confined to a tight range between the 50-day moving average and the ascending trendline. This price range is of great importance, as the direction of the breakout will determine the mid-term perspective of Bitcoin’s path. As of late, it appears that the bears are settling in, as Bitcoin drifts away from $17K.

Technical analysis of the situation reveals that Bitcoin’s price started recovering after a significant crash towards $15K in mid-November. However, this rally was halted at the $18K resistance level, which aligns with Bitcoin’s prior major pivot. Major pivots are incredibly important in price action analysis, as they often serve as either resistance or support for the price.

This is especially true in the case of Bitcoin, as the $18K resistance level has acted as an area of resistance for the past few months. Since the price has been unable to break through this level, it appears that the bears are settling in and driving the price lower. As such, Bitcoin has drifted away from the $17K mark, as the bears continue to exert their influence.

At the time of writing, it appears that the bears are still in control, as the price continues to drift lower. However, it should be noted that the market is still very volatile and anything can happen. As such, it is important to keep an eye on the price action, as it can provide insight into the future direction of the cryptocurrency. If the price is able to break through the $18K resistance level, then it could be a sign that the bulls are regaining control. On the other hand, if the price is unable to break through the resistance level, then it could be a sign that the bears are still in control and the price will continue to drift lower.