BTC Technical Analysis: Will Bitcoin Escape The Consolidation Range?

Breaking the streak of four bullish days, according to this technical analysis, BTC prices dropped last Sunday, teasing a bear cycle within the consolidation range. Key Technical Points: BTC prices have increased by 3.95% in the last 24 hours. The price action shows a high reversal possibility within the consolidation range. The 24-hour trading volume of Bitcoin is $32.97 Billion, indicating a rise of 14.85%. Past Performance of BTC The BTC price action shows the extended consolidation range after the downfall of 40% from $31K to $19K between June 7th and 18th. The consolidation ranges between $19000 and $22000, and the recent reversal accounts for a 12% jump in the last seven days. However, the bearish candle with wick formation indicates a potential bear cycle starting within the range. Source – Tradingview BTC Technical Analysis With the hopes of avoiding a bear cycle, BTC prices go green with the start of a new week. The price action shows a 2% growth on Monday, undermining the 1.86% drop a day prior. Hence, if the prices sustain the transition today, investors can expect bullish development escaping the consolidation range this week. Taking the intraday volume into account, we can see a lack of bullish commitment during the recent bull cycle as its trend declines. However, as the prices try to undermine the bearish attempt, we can expect growth in buying pressure supporting the breakout rally. The technical momentum indic...