Bitcoin (BTC) continues to consolidate in hopes of a breakout!

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Bitcoin could be seen as digital gold or a larger representation of how the cryptocurrency industry works and grows. In reality, the idea that something digital can have weight is based on the dynamics of supply and demand. If enough people say it’s worth $100,000, it would surely be worth it.

Before investors established it as an inflation-fighting tool, BTC was gradually rallying. However, only 17% of Bitcoin is currently held by retail investors.

Therefore, the dominance of crypto whales and market makers is even stronger to let it become a decentralized currency. Transaction processing is undoubtedly decentralized, but that cannot be said out loud.

Bitcoin’s market capitalization has reached $324 billion, with around 1.5 million tokens remaining in circulation. Despite low valuations, the token is showing strength to retake its prior levels with consistent consolidation and breakout attempts. While enthusiasts view current levels as a one-time buying opportunity, the only question is whether previous peaks can be surpassed. Click here for BTC future projections!

Bitcoin’s price action has yet to show the projection of the positive or negative side. The consolidation zone between $15,500 and $18,000 has been ongoing since the November 2022 decline. The short-term outlook for BTC hinges on its ability to break and retest the 100 EMA and 200 Moving Average curves.

The candlestick patterns since the first week of November decline present a support level theory. With the consolidation, a buying spree was expected, but despite rising RSI levels, the actual price barely budged an inch.

On a lighter note, the level of consolidation showed strength. Buying at current values ​​can bring a decent probability of immediate gain, while the downside cannot be understood. Therefore, the creation of entries must be strategic.

The 100 EMA curve has currently reached a little above the $18,000 mark, creating immense pressure on the buy rallies. Although the profit booking stance has yet to ease, BTC’s outlook would depend on its ability to overcome the short-term moving average curves.

The support for Bitcoin has been strong and active since the $15,650 level, which has yet to be touched. Acquiring buyers would be on track to continue buying partial BTC, but those making quick money could find themselves stuck in some sticky spots.

On the weekly charts, BTC suffered a huge drop last week, gradually adding to the selling pressure as the RSI on the weekly charts barely pulled back from 35.

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