Missed Bitcoin at $45,000: No Worries Bitcoin May Offer a Good Buying Opportunity Soon!

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Bitcoin price has been displaying a healthy upswing since the last few weeks of 2023, which offered a strong base to rise beyond $52,000 at the moment. While the market participants believe the rally to be at the foothills of a massive explosion, a probable pullback could also fall in place before resuming with the upswing. The current trade set-up of Bitcoin displays a minor drop in bullish strength, which may be fully utilised by the bears to short BTC for a while. 

Ever since the markets have risen above the 2022 bear markets, traders have remained vigilant during the upswings. They tend to extract profits on minor pullbacks after counting on them for a couple of days where the token remains consolidated around the gains. This sense of uncertainty prevails after every upswing, which may have knocked in at the moment too. 

After achieving $50,000 a few days ago, the BTC price appears to be setting up strong resistance and support levels where it could be stuck for some time. If the price continues to consolidate for another couple of days, it may resemble a fakeout, as a higher probability of plunging below $49,000 haunts the rally. 

The above chart displays the close consolation of the BTC price in the short term within a narrow range. The bulls are bears who are struggling either to rise above the resistance or drag the levels below the lower support. As a result, the BTC price is consolidating regardless of volume, remaining in a decent range. Besides, the RSI has been maintaining a descending trend, which suggests a drain in the strength of the bulls and the rally. 

Therefore, the Bitcoin price is believed to hover within the range for another couple of hours and as it approaches the day’s close, a minor pullback could drag the levels close to $51,000 initially. After the iconic rally, the shorts may have accumulated and hence a further descending trend may squash the shorts, allowing the bulls to take over the rally and lift the levels beyond $55,000.

Therefore, the day’s close and the upcoming weekend may be pretty important for the Bitcoin (BTC) price rally as a sustained trade above $51,000 may trash the bearish narrative.