Bitcoin (BTC) has posted an impressive summer season so far this year, following a stunning +25% pump in mid-June - which has has left price action high in consolidation above $30,000.
With the leading cryptocurrency now trading strong at $30,178 (a 24 hour change of -0.18%), many side-lined investors have begun to wonder whether it is too late to invest.
Indeed, with Bitcoin now in the 26th day of consolidation at current levels - questions are beginning to emerge about whether this price action can be sustained.
Worryingly, over the weekend, Bitcoin price sank back below the critical 20-day moving average.
This could spell disaster for price action on the short-time frame, last time Bitcoin fell short of this level it pushed an 11-day long -9% bleed-out.
If this occurred again, Bitcoin could likely see a return to $27,500 - a seismic drop that would see BTC lose hard-fought territory above $30k in a return to tough resistance at $27.5k.
And Bitcoin's indicators provide little reason to be optimistic, with the RSI still overheated at 60 despite 28-days of bearish signalling.
This suggests that consolidation hasn't been sufficient to cool-off the RSI, and suggests a need for retracement.
Worse still, there is additional downside confirmation from the MACD which showcases bearish divergence at -161.66.
However, despite the doom-and-gloom facing BTC price action - the Bitcoin community is excited at the prospect of an emerging new project that could see small investors finally join the ranks of 'wholecoiners'.
A far cry from the boom in over-hyped BRC-20 ordinals earlier this year, meet the next big thing in Bitcoin: BTC20.
Have you ever wondered what it would be like to own an entire Bitcoin? Sat on the side-lines watching BTC
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