- Bitcoin (BTC) attains an intraday trading high of $64,610.
- Analysts foresee consolidation as the next crucial phase of the post-halving cycle.
Bitcoin (BTC) eased its bearish week by rebounding above $64,000 after a 1.5% spike in the last 24 hours. Last week, BTC dipped to its 10-week low of $56,552.
BTC laid a “bullish hammer” weekly candle, closing the week positively. Notably, a bullish hammer candle often indicates the possibility of a bullish trend reversal in the market. Notable signs of a potential bullish trend reversal are popping up on the charts.
As per the daily price chart, the daily RSI (relative strength index) rose to observe a brief consolidation in the neutral zone (50). On the other hand, the MACD (moving average convergence/divergence) has laid down a positive histogram after a 7-week break. Furthermore, what solid conditions should BTC’s price action satisfy to confirm an upside?
Bitcoin’s Prerequisite for an Upside
Up until now, analysts have highlighted a notable consolidation period as the condition that Bitcoin should demonstrate to support its upside. In his X post, crypto analyst Rekt Capital notes, “A lengthy consolidation period would resynchronize the current cycle with historical halving cycles.” According to him, a period of over 150 days of post-halving consolidation would spur BTC’s price and sync it with the historical cycles.
Crypto analyst CryptoCon highlighted an analysis of Bitcoin’s price momentum, taking log regression curves. In general, traders might use this indicator to identify the support and resistance levels of an asset. As per the analysis, the top layers of 2024’s cycle — $95.2K – $132.5K — now hold this cycle’s high for BTC.
During previous cycles, upon entering layer 5, BTC reached its peak in that respective phase. The duration of the interval before moving higher is a factor traders can speculate on. The analyst stated, “The longer it takes for the price to reach the cycle top band, the higher it can climb.”
At the time of writing, Bitcoin (BTC) traded at $64,547 with a market cap of $1.27 trillion. On the other hand, the cryptocurrency’s blockchain recorded its one billionth transaction after 15 years of launch (January 2019).
