The price of bitcoin continues to move sideways in the short term. It was trading at 29,602 at the time of writing. Technically, the price action signaled that the sellers are exhausted and that the bulls could push it higher.
BTC/USD increased by 5.43% from yesterday's low of 28,632 to 30,186 today's high. The crypto retreated by 1.8% from today's high but it could still develop a new bullish momentum as long as the support levels hold.
BTC/USD Extended Range!
BTC/USD could still jump higher as long as it stays above the 28,800 - 28,561 support area. 30,261 stands as the near-term upside obstacle. A valid breakout through this level could signal a potential breakout above 30,960 as well.
In the short term, it could continue to move sideways. Only escaping from the current pattern may bring new trading opportunities. Technically, BTC/USD showed exhausted sellers after its failure to stabilize under the descending pitchfork's lower median line (LML).
BTC/USD Outlook!
Jumping and stabilizing above 30,960 could activate further growth and could bring long opportunities with a potential target at the median line (ML).
