Bitcoin Ready to Spark Back Into Life After a Stagnant Summer

investing.com:

Bitcoin has drifted sideways during the summer months amid low volumes. Similar to its patterns around the same time last year, the cryptocurrency's price volatility remains remarkably low.

After its surge to the $30,000 level in June, Bitcoin has mostly followed a stable path, with its weekly price fluctuations rarely exceeding 1%.

This phase of relative stability within the Bitcoin market, characterized by minimal upward shifts, has contributed to a gradual decline in price. As of the previous month's assessment, Bitcoin seems to have comfortably settled around the $29,000 range.

The current situation suggests that the absence of significant catalysts to drive Bitcoin's price higher, a trend that began when it fell below the 2023 projection, is a key factor in maintaining the horizontal price action.

In this piece, we will assess potential support and resistance levels that might trigger a volatility spike for the crypto.

This level is pivotal as it signifies a recapture of the 2023 uptrend, acting as a critical point for Bitcoin to break free from its horizontal movement and initiate an ascent. In the higher region, attention will be focused on a weekly close above the $31,500 mark, where the uptrend slowed down in June, potentially paving the way for a significant price breakout.

On the lower end, the $29,150 support level remains steady. Bitcoin's price has been fluctuating within a narrow range around this value since July 24. Notably, there has been no substantial movement below this level. However, if the day closes below the 3-month Exponential Moving Average (EMA) value, which has been tested twice previously due to increased volatility, it could accelerate a downward momentum. At present, the 3-month EMA at