Bitcoin has been consolidating below its 100-day moving average for a few weeks and failed to break above it.
In addition, the RSI indicator is currently around 50%, with a bullish divergence between the RSI and the price, suggesting a reversal and a new bullish leg ahead.
However, unless a breakout over $42K happens, the big picture remains negative.
The chart below shows that there has been relentless accumulation over the last few months, while the price has been consolidating in a wide range between $33K and $48K.
Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping.