The bulls did not have enough strength to hold $ 40K

Despite more and more positive news for Bitcoin recently, the market is still indecisive with signs of consolidation.

As we mentioned to you in our last analysis, the good news was the trigger for BTC price growth last week, but only for a short time. Bitcoin stopped right at the first hurdle, which is the $ 42K - $ 43K resistance area, which bounced BTC down by almost $ 10K.

All indications are that although we have strong and bullish news here, such as the fact that Hedge funds express great confidence in cryptocurrencies, the BTC market is in the so-called summer regime, which is characterized by low trading activity.

What to expect in the coming days?

The fact that Bitcoin has not been able to leave the $ 30K - $ 40K price corridor for a month is a clear sign and we will most likely continue to see a move to the side and thus continue to consolidate.

However, if this price area was abandoned at present, there is a greater chance of a fall in the ratio of 60% bear scenario and 40% bull scenario. This is mainly due to the fact that for many traders it can be demotivating and frightening the situation that, despite very positive news, the price of BTC is not able to move upwards.

Technical analysis