The crypto space appears to be in deep trouble nowadays as the traditional cryptos are drowning in a deep sea. While the asset is attempting constantly to ease the downtrend, yet the bears appear to be pretty strong at this point in time. No doubt bulls are still in the game, yet they are currently unable to uplift the price. Irrespective of the trend, the platform is receiving a notable influx of volume-generating volatility required for a healthy rally.
The Bitcoin price after trending within a notable descending channel halts its depleting trend from the past 3 to 4 days. A notable war is witnessed between the buyers and sellers from the past few days, which compelled the price to remain within the same area. However, it is still a bullish sign as Doji candles which are formed from the past 3 to 4 days. Signifying equal participation of both the bulls and the bears.
Bitcoin in the past couple of days is consolidating within a very narrow margin which is emerging as a healthy one. The asset before ending the previous trading day received a huge influx of buying volume. No doubt the bears also gave a tough fight, yet failed to drag the price down and got rejected. Since then the asset gained notable momentum and utilized every resource to hit the 200-day MA levels just above $43K.
While the bulls have initiated a notable recovery, they are required to keep up the uptrend else, the BTC price may fall back towards the support levels. And this time, the asset may break the $40,000 barrier that it held strong despite multiple pullbacks. Therefore, now when the bears failed to drag the price below $40K, bulls are required to uplift the price above $43K.