- The Bitcoin Glod coin price analysis shows an uptrend of 40%.
- The BTG token has been consolidating near its recent high of $16.50.
- It is facing difficulty in sustaining a higher level above $16.50.
The Bitcoin Gold coin (BTG/USDT) price has surged about 40% while being in an uptrend since mid-October 2023. The BTG buyers have been holding the upper threshold of $16.5 but are facing difficulty in pushing the price further above it. It is currently trading in a tight range as the buying pressure has weakened. However, the bears have yet not broken through any support level.
After forming strong support at $11.80, the price constantly followed an uptrend while forming higher highs. However, it got stuck in a consolidation phase between $14.00 and $16.50 levels. That indicates bearish sentiment entered the market. Bears have failed to reclaim their dominance and the price witnessed a hike of 17.00% over the past month. If the bears succeed in escaping the consolidation, the price might retest the previous support level of $11.80. On the other hand, if bulls reclaim their dominance and take over and break above $16.50, the price might retest the $19.50 resistance level. The live BTG token price today is at $15.22, with a 24-hour trading volume of $4.875 Million. The BTG price decreased by 1.14% in the last 24 hours. It has a circulating supply of 17.513 Million and a market capitalization of $256.85 Million.
In mid-June 2023, the BTG coin price attained an all-time low at $10.05 after a prolonged downtrend. However, the solid bullish pressure thrust the price above $19.50, which catalyzed a spike of 93%. The bulls failed to sustain $19.50 and melted back to the $12.40 support level. At the end of July, the buyers skyrocketed the trading volume of about 12.577K. It led to the formation of an annual high at $29.50. After attaining an annual high, the price dropped about 48% within a week due to the vigorous presence of bears.
Who Will Escape the Consolidation?
On the 1-Day chart, BTG/USDT has been trading in a range-bound pattern as bulls attempt to reclaim the upper threshold of $16.50. The BTG coin price is hovering above the 20, 50, 100, and 200-day EMAs. The moving average is sloped upwards, which indicates an uptrend momentum in the price. The Relative Strength Index (RSI) is trending at just around 58.06, which denotes that the bulls are not completely controlling the market. However, the RSI recently dragged down from the overbought zone. It suggests a rise in the participation of sellers in the market in the past few days. The Chaikin Money Flow (CMF) has been trading below the 0 mark since October 23, 2023, and is at -0.18. That indicates a bearish pressure forced the price in a range-bound pattern.
Conclusion
The market structure and price action of Bitcoin Gold coin suggests the price has been trading in a range-bound pattern as the bulls attempt to reclaim the previous resistance of the $16.50 level. Traders should look for buying opportunities as the technical parameters favor the same.
Technical Levels
- Major resistance: $29.50 and $19.50
- Major support: $10.05 and $11.80
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.