Big Picture: The previous week had seen an extremely volatile move in which bulls first seized the lead, but shortly failed the breakout, which then confirmed a deviation, resulting in a significant intra-day sell-off. However, after that initial volatility move, price has mostly remained in a moderate trend as consolidation has increased. Bulls continue to seek strength above the Range-Top levels in order to gain momentum and aim for higher levels.
On the Upside throughout the weekend, Bitcoin saw resistance off the 44,200 mark. The level was strong enough to prevent any strength emerging. 44,200 will stay as the session’s opening resistance. The Range-Top levels, which range from 44,500 to 44,730 levels, come next. Strength over 44,800 could be a significant turning point for the bulls, who would then aim for 45,900 initially, followed by 46,250 next.
On the Downside 43,335 held up remarkably nicely over the weekend. Price tested it, but the reaction was very fine which took price back towards the higher levels. This level is still the primary support for the sessions. Meanwhile, below this is the mid-range support at 42,625, which is also protected by the 4-hourly EMA-200 level.