Bitcoin's Price Outlook: Analysis and Excitement Amidst Market Volatility.
Bitcoin's price has been consolidating within a narrow range, leaving room for several potential scenarios to unfold. The first resistance level to watch is the 50-day moving average positioned around $28K, followed by the crucial $30K level. The key support areas to rely on are the $25K level and the 200-day moving average of around $23K. On-chain metrics indicate that miners have been selling their coins to cover operational expenses or mitigate risks in an uncertain macroeconomic climate, leading to a potential downtrend in price if this trend persists.