Bitcoin‘s price has entered a consolidation phase, trading within a narrow range after a period of upward momentum. technical indicators suggest this pause is a healthy consolidation rather than a precursor to a downturn.The Relative Strength Index (RSI) is currently positioned at 60, indicating that while bitcoin is not overbought, it has experienced meaningful buying pressure.The On-Balance volume (OBV) has remained stable at 1.76 million, reflecting sustained buying interest even during the sideways price action.
Analysts suggest that a surge in trading volume coupled with the RSI breaking above the 70 mark could signal a breakout, potentially initiating a new rally. This potential upward movement could be influenced by broader market trends.
The article also references a previous piece about Pudgy Penguins denying rumors of an acquisition by OpenSea.
