2-Hour Analysis:Big Picture: Bitcoin has been under the lowest volatility band for the year 2023. This trend has resulted in fairly slow price movement over the previous few weeks. Having said that, the Bollinger Bands are also quite squeezed. The last time they were compressed so severely, an intense expansion phase occurred, resulting in a strong trending market. With upcoming economic events, volatility could soar.
On the Upside the session’s first level of resistance is at 29,125. Sustaining strength over 29,125 would take price next towards 29,300 and 29,525 levels. Price above these resistance bands will meet significant opposition from the higher time-frame levels of 29,800 to 30,000. These are critical milestones that must be reclaimed before Bitcoin can resume its upward trend and perhaps reach its recent highs of 31,800.
On the Downside Price has been held reasonably by intraday support levels ranging from 29,010 to 29,940. Despite some prevailing pressure, price effectively held this range over the weekend and repelled any lower moves. The next key supports are between 28,850 to 28,650 levels. These are the levels of support that have been preventing any further major corrective legs. As long as this range persists, price is unlikely to test lower supports.
