A return to calm before the storm? - Bitcoin closes its first week down for more than a month and a half. After the correction, Bitcoin consolidates.
Bitcoin weekly: calm after the storm
We parted ways last week in the midst of Bitcoin's most violent correction since the March 2020 crash. The king of crypto gave us some scares with a 28% drop in a matter of hours. Bitcoin has since recovered well and is trading at $ 36,400 at the time of writing.
On a weekly basis, Bitcoin closes its first week on the decline since early December 2020 . However, the uptrend of BTC is far from being endangered and what we have experienced this week will not be the first nor the last of the corrections that we will probably have to undergo in this bull market .
Bitcoin in consolidation after significant volatility
After a week marked by significant volatility, the price of Bitcoin needs to come to its senses. A closer look shows some price consolidation on the H4 chart. Two areas of support are emerging around the $ 34,500 and $ 30,000.
The $ 40,000 area is currently acting as resistance and we will monitor the crossing of this price level to confirm a revival of the short-term uptrend .
After the rain the good weather and Bitcoin was able to let the storm pass last week. Will Bitcoin's regained calm be the precursor of a new bullish storm?