{"id":305916,"date":"2023-04-16T23:00:39","date_gmt":"2023-04-16T17:30:39","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=305916"},"modified":"2023-04-16T13:39:01","modified_gmt":"2023-04-16T08:09:01","slug":"bitcoin-btc-stuck-in-new-sideways-structure-will-near-term-bulls-prevail","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-btc-stuck-in-new-sideways-structure-will-near-term-bulls-prevail\/","title":{"rendered":"Bitcoin [BTC] stuck in new sideways structure: Will near-term bulls prevail"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/span><\/i><\/p>\n<p><em><span style=\"font-weight: 400;\">&#8211; BTC consolidated near $30k.\u00a0<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400;\">&#8211; Declining CVD spot and exchange long\/short ratio favored sellers over the weekend.<\/span><\/em><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\"> crossed $30k only to enter another price consolidation within $29.6k &#8211; $31k. Despite the overall positive sentiment, BTC\u2019s short-term prospects face mild selling pressure. According to <\/span><a href=\"https:\/\/coinshares.com\/research\/digital-asset-fund-flows\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Coinshares<\/span><\/a><span style=\"font-weight: 400;\">, BTC accounted for over 98% of inflows ($56m) in digital assets investment products in the previous week of April 2 &#8211; 9.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin&#8217;s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-24<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">However, trading volumes remained low at $970m, as short-Bitcoin saw minimal outflows of $0.6m. As such, the current bullish sentiment isn\u2019t void of selling pressure, which may affect players\u2019 short-term gains.\u00a0<\/span><\/p>\n<h4>More consolidation, dump, or surge &#8211; which way for BTC?<\/h4>\n<figure id=\"attachment_305918\" aria-describedby=\"caption-attachment-305918\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102931.214.png\"><img decoding=\"async\" class=\"size-full wp-image-305918\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102931.214.png\" alt=\"\" width=\"1950\" height=\"1109\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102931.214.png 1950w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102931.214-300x171.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102931.214-1024x582.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102931.214-768x437.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102931.214-1536x874.png 1536w\" sizes=\"(max-width: 1950px) 100vw, 1950px\" \/><\/a><figcaption id=\"caption-attachment-305918\" class=\"wp-caption-text\">Source: BTC\/USDT on TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Since mid-March, BTC consolidated around $28k. It broke out of the range on 10 April but has entered another price consolidation range of $29.6k &#8211; $31k. Notably, the price action was above the 50-EMA (Exponential Moving Average) and the 200-MA (Moving Average), showing BTC was above its short and long-term trends &#8211; thus capturing the prevailing bullish sentiment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A bullish breakout could set BTC to retest the next resistance level at $32.5k &#8211; it coincides with one of its May 2022\u2019s upper range boundary levels. The next target will be $34.3k if near-term bulls clear the $32.5k hurdle.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Note that the range\u2019s lower boundary intersected with 50-EMA, meaning a break below the confluence area could point to a weakening structure. Southwards, the key support levels lay at $28.7K, the dynamic 200-MA, and the previous range lower boundary of $26.7K.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the price action made new highs as RSI made new lows &#8211; an increasing divergence that may expose BTC to increased short-term selling pressure. In addition, the ADX (Average Directional Index) declined to suggest a weakening short-term uptrend with a potential extended consolidation or retracement.\u00a0<\/span><\/p>\n<h4>CVD spot declined as shorts outdo longs<\/h4>\n<figure id=\"attachment_305919\" aria-describedby=\"caption-attachment-305919\" style=\"width: 1924px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102933.700.png\"><img decoding=\"async\" class=\"size-full wp-image-305919\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102933.700.png\" alt=\"\" width=\"1924\" height=\"1133\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102933.700.png 1924w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102933.700-300x177.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102933.700-1024x603.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102933.700-768x452.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102933.700-1536x905.png 1536w\" sizes=\"(max-width: 1924px) 100vw, 1924px\" \/><\/a><figcaption id=\"caption-attachment-305919\" class=\"wp-caption-text\">Source: Coinalyze<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">According to Coinalyze, BTC\u2019s CVD (cumulative volume delta) spot declined but flattened at press time &#8211; showing sellers gained market leverage, but bulls weren\u2019t exiting their positions.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">However, over $2.8m worth of long positions were liquidated in the past 24 hours compared to $742k of short positions, according to <\/span><a href=\"https:\/\/coinalyze.net\/bitcoin\/liquidations\/\"><span style=\"font-weight: 400;\">Coinalyze<\/span><\/a><span style=\"font-weight: 400;\">. Moreover, the exchange BTC long\/short ratio showed sellers had slight leverage in the 4-hour timeframe, reinforcing the bearish outlook for BTC in the short term. <\/span><\/p>\n<figure id=\"attachment_305920\" aria-describedby=\"caption-attachment-305920\" style=\"width: 1867px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102935.896.png\"><img decoding=\"async\" class=\"size-full wp-image-305920\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102935.896.png\" alt=\"\" width=\"1867\" height=\"790\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102935.896.png 1867w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102935.896-300x127.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102935.896-1024x433.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102935.896-768x325.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/pasted-image-0-2023-04-16T102935.896-1536x650.png 1536w\" sizes=\"(max-width: 1867px) 100vw, 1867px\" \/><\/a><figcaption id=\"caption-attachment-305920\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In conclusion, BTC is enjoying massive positive sentiment, but there is also increasing selling pressure that may curtail it temporarily in the short term.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite overall positive sentiment, BTC continues to face increased selling pressure which may affect its short-term prospects &#8211; Will near-term bulls prevail amidst the selling pressure in the short term?<\/p>\n","protected":false},"author":70,"featured_media":305923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[41,35,360,18,66,3,23,4,20],"tags":[],"class_list":["post-305916","post","type-post","status-publish","format-standard","has-post-thumbnail","category-analysis","category-bitcoin-news","category-btc-trading-view","category-hide-cryptopanic","category-new-news","category-news","category-no-home","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin [BTC] stuck in new sideways structure: Will near-term bulls prevail - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin [BTC] crossed $30K but entered another consolidation of $29.6k - $31k. 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