Bitcoin is trading at $80.8k, consolidating just above the $80k psychologcial threshold that defined the ceiling of this cycle’s correction for months. While the ascending channel’s higher boundary is still holding, the 100-day MA has been left well behind, and the price’s reaction to the current area where the 200-day MA is also converging will likely shape the crypto market trend in the upcoming weeks.
On the daily timeframe, the market is once again testing the ascending channel’s upper trendline, which is also accompanied by the 200-day moving average around the $82k area. Below, the 100-day moving average is now flattening near $72k, which can be a significant signal for a mid-term bullish market structure shift. The asset is currently consolidating just below the channel’s upper boundary and the 200-day MA, while the RSI is holding in the 60–65 range after retracing from nearly overbought levels twice.
Read more: cryptopotato.com
