Bitcoin's price has been volatile and is approaching a crucial area, with the overall price action signalling a bearish outlook. The daily chart shows the formation of a bearish double-top pattern near the major resistance region of $30K, with significant dynamic resistance from the middle-trendline of the ascending channel hindering further price appreciation.
The 4-hour chart demonstrates that Bitcoin's price has entered an extended consolidation range following its arrival at the important price zone of $30K, with an ascending wedge pattern indicating a potential reversal. On-chain analysis shows that futures traders predominantly maintain a pessimistic outlook on Bitcoin, with their short positions potentially pushing downward pressure on the price in the short term.
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