BTC Price Analysis: 2 Critical Levels to Watch for Bitcoin in the Short Term

Crypto Blog

Bitcoin’s price is consolidating in a tight range as market participants are uncertain about the future direction of the price.

Meanwhile, the $56K support level currently holds the market, preventing the price from dropping further. Therefore, a breakout from either this level or the 200-day moving average could determine the short-term price action of BTC and the crypto market.Looking at the 4-hour timeframe, the price has created a bullish flag pattern following the recent recovery from the $50K area.

While Bitcoin’s price action has been quite choppy over the last few months, analyzing what the investors are going through can be insightful.

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