Crypto Blog
After a period of sustained upward momentum characterized by higher highs and higher lows, the price has reached a critical resistance zone where the 100 and 200-day moving averages intersect.
Analyzing the daily chart, Bitcoin went through a consolidation phase around the $25K mark before gaining momentum and entering an uptrend. This bullish move pushed the price towards a significant resistance region at $28K, where the 100-day and 200-day moving averages converge. Regardless of the outcome, monitoring the price action closely in the coming days is crucial, as increased volatility can be expected in the medium term.Shifting the focus to the 4-hour timeframe, Bitcoin found strong support at $25K after a significant decline. The subsequent uptrend saw the price consistently surpassing previous highs, indicating growing interest among market participants.
Despite these bearish signals, if the price manages to unexpectedly break through this critical resistance region and shows signs of strength, it could pave the way for a sudden surge toward the $30K mark. The market’s response to these key levels will determine Bitcoin’s short-term trajectory.Following the recent bounce in Bitcoin’s price, there has been a significant increase in network activity. The on-chain transaction count is commonly used to measure this activity.
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