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Bitcoin Continues to Consolidate Between $30k and $28k

Concerning price action, Bitcoin continues to consolidate between the $30k resistance level and the $28k support level. The King of Crypto continues to trade in bear territory below the 50-day (white), 100-day (yellow), and 200-day (green) moving averages, as seen in the following BTC/USDT chart.

However, the daily MFI, MACD, and RSI are in oversold territory and could signal a continuation of consolidation or an attempt at reclaiming $30k as support.

But caution is advised longing Bitcoin given the bearish mood surrounding both the traditional and crypto markets due to various global central banks, including the US Fed, increasing interest rates to tame inflation.

Consequently, the consolidation being observed by Bitcoin could be the genesis of another drop to lower levels, such as the recent low of $26,700 or even lower to Arthur Hayes’ forecast of $20k.

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