Bitcoin Price Analysis: Upward Consolidation Hints Toward Diminishing Market Supply

Summary:

1. The bitcoin market has seen sustained buying pressure as the daily candles have continuously closed new highs following the impulsive move that brought us to the $5,000 levels.
2. From an intraday perspective, we have established new support on three separate levels that were previously resistance as the market progresses along its supply and demand channel.
3. Macro-wise, we are still sitting in a no man’s land between macro support and macro resistance. The low timeframe has the market consolidating upward with higher lows and higher highs in conjunction with decreasing volume. The next macro resistance level lies at $5,600.
4. If the market fails to rally, we can expect a retest of the established support at $4,700.

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