Bitcoin Consolidating Below $23K, Imminent Breakout Could Take Price to $30K

• Bitcoin price is consolidating below the important $23,000 level and is still up almost 50% from its 21 November lows.
• If bitcoin breaks through the $23,000-$25,000 resistance region, there is an open road ahead to $30,000.
• Bitcoin is gathering fuel to relight the fires and the current gentle retracement has provided room for sellers, which eventually can exhaust itself in the short term, opening the way for the bulls.

Bitcoin has been experiencing a rather steady and positive trend over the past few weeks, as its price continues to soar to new heights. After reaching a new all-time high of just over $23,000 on December 1st, Bitcoin has been consolidating around the $23,000 level, still up almost 50% from its 21 November lows. This surge marks a major milestone for the world’s largest cryptocurrency, indicating a clear uptrend revival that could signal the end of the bear market.

It is worth noting that the $23,000 level has proven to be a major area of resistance for Bitcoin, with the cryptocurrency failing to break through the $23,000-$25,000 resistance region on three separate occasions in the past, with each attempt being met with a swift and sharp drop of $2,000. However, this time around Bitcoin appears to be in a much stronger position to break through this crucial price level and make its way up to $30,000.

The current retracement has provided room for sellers, with Bitcoin gathering fuel to relight its bullish fires. Bitcoin’s gradual descent has been far less steep than the near-parabolic movement of the summer of 2020, indicating that sellers may soon exhaust themselves and give way to buyers. This could open the way for the bulls and propel Bitcoin’s price to even greater heights.

All in all, Bitcoin’s price has been steadily increasing over the past few weeks and the cryptocurrency appears to be in a strong position to break through the $23,000-$25,000 resistance region. If this happens, it could signal the end of the bear market and open the way for Bitcoin to reach even higher prices.