Bitcoin consolidated within a significant parallel channel since the beginning of the monthly trade and underwent a significant breakout. However, the lower support was held tight as the star crypto consolidated well within the lower support zone. Despite a significant breakout, the crypto was hovering fearing a rejection.
While on the other hand, in the higher time frame, it appears that the BTC price is all set to undergo a significant upswing. Mainly due to the price testing of the trend line from where the asset has faced multiple rejections from these levels earlier. Yet, the current test could be somewhat successful as the buying pressure mounts up.
Here above in the chart, it is pretty evident that the BTC price experienced a fakeout a couple of times despite a breakout from the trend line. Now the asset is again testing the same trend line where-in a breakout is extremely mandatory. Therefore, the price could eventually rise above the trend line and undergo a retest back to the line. Here the bulls are required to prevent the price to slide down below else, the asset could fall into the same consolidation phase.
On the other hand, the trading volume on the exchanges maintains a lower average of 3800 BTC against the average trade of 10,000 BTC. And hence it signifies that the traders may have been waiting for the markets to stabalize and eventually jump in to ignite a significant Bitcoin price rally ahead.