Today the Bitcoin price range is in the range of $51,233.71 - $52,046.66 moving positively and negatively in the previous daily timeframe price range.
The Fear and Greed Index shows a value of 74, down 2 points from the previous 76.
It seems that the market is still hesitant to increase their positions and some are still waiting and seeing.
One analyst predicts BTCUSD will rise to $60K if it successfully crosses $55K and makes $50K an important level in this price zone.
BTCUSD technical analysis
The price is now moving below the upper band line and moving in the low $50K - high $52K range, a price consolidation after a long rally in the previous week.
MA 50 which measures the average price for the past 50 days forms an upward channel above the middle band line below the price indicative of an uptrend market. This MA allows it to become dynamic support during a bullish market
Here the Bollinger bands still appear to be wide and expanding, indicating high market volatility.
Meanwhile, the RSI indicator shows level 77, which means the price is still in the overbought zone.
In the H1 timeframe, BTCUSD crosses the current upper band line and forms a bullish long body. It seems that the price is trying to push up in this timeframe.
Bollinger bands form a flat channel indicating market consolidation, now the price passes the upper band signaling an uptrend.
On the other hand, the RSI shows a value of 64, which means the price is above the uptrend level.