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Bitcoin has been consolidating over the last two weeks, and is now looking ready to break its chains and move into the territory of $36,000 and above.
First huge step
Bitcoin is becoming a monster that is hungrily devouring all the resistances above it, one after the other. This latest consolidation period has seen the bitcoin leviathan move steadily and unstoppably upwards towards the breakout zone.
The $36,000 price level is important because it is the first of the big fibonacci steps that need to be ascended on the bitcoin journey back to the all-time-high and beyond. If the 0.382 fibonacci can be reclaimed and held above, the next major, major step is the golden level of the 0.618, which towers above at $48,500. The 0.786 is next at $57,500, and finally the all-time-high at just shy of $70,000.
Source: Trading View
This journey is already well underway since the beginning of this year when bitcoin dragged itself out of the bear market and stepped its way higher. Now holding above its long time upwards leaning trend line, bitcoin is in a flag or wedge that is using the trend line as support.
USDT dominance collapse
Certainly helping the bitcoin price along is the slump in USDT dominance. This has fallen through a trend line going all the way back to November 2021, and USDT dominance is now holding support at 6.44%. A loss of this support could lead to much higher prices for bitcoin and the rest of the crypto market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.