Bitcoin has been in a major consolidation phase, struggling to break past the $28,000 level but with limited downside volatility. On-chain analysis signals a potential bullish momentum ahead, with the Adjusted SOPR (aSOPR) for Bitcoin suggesting explosive growth.

Technical analysis shows Bitcoin forming a pennant pattern, and analysts are bullish on continued price action as long as BTC holds the support of $27,600. Some altcoins, such as Dogecoin, are also showing bullish price action.