Bitcoin Price Consolidating Below $23k, Bears Exhausted – Ready to Reach $30k?

• Bitcoin price is consolidating below the important $23,000 level, up almost 50% from its 21 November lows.
• Breaking resistance between $23k and $25k could signal the end of the bear market and open the way for $30,000.
• Bitcoin is gathering fuel to relight the fires, providing room for sellers to offload, which could eventually exhaust itself in the short term.

The bitcoin price is currently consolidating below the all-important $23,000 level, having made a significant recovery from its 21 November lows of around $15,000. Despite a slight 1.5% dip in the past 24 hours, the largest cryptocurrency by market cap is still up almost 50%, and this uptrend revival could be key to sustaining the current bullish momentum.

Breaking through the $23,000 to $25,000 resistance region could be hugely beneficial to bitcoin, potentially marking the end of the bear market and opening the door to a new all-time high of $30,000. However, reaching this milestone would be no easy feat, as the $23k resistance is an area that has been tested and failed on three separate occasions between July and August last year.

In order for the bull market to resume, bitcoin must first overcome this obstacle. Fortunately, the longer that the coin hovers around its current levels, the more time buyers have to accumulate and the more exhausted sellers become. This can be seen on the 1-hour chart, where the current red descending channel is far less steep than the previous green ascending channel, indicating a more gradual decline.

If these factors can all come together and create the right conditions, then the chances of breaking through the $23k to $25k resistance barrier will be much higher. Once this is achieved, we could see bitcoin reach its new all-time high of $30,000 and spark a huge bull run.