Posted 2/20/2024, 5:48:00 PM
Bitcoin Price Hits Resistance at $53K, Signaling More Sideways Trading Ahead
- Bitcoin hit resistance at $53K and reversed lower, suggesting more consolidation ahead below that level
- The $53K level capped previous BTC price rallies in 2021 and aligns with the weekly Ichimoku Cloud top
- Failed attempts to break $53K this week signal Bitcoin may trade sideways for now between $51K-$52.5K
- Analysts say sideways trading presents buying opportunities before the next major price breakout
- Historical data shows the Ichimoku Cloud topblocked mid-cycle Bitcoin rallies, with breakouts coming later post-halving