Bitcoin Price Analysis: Sideways Consolidation Paves the Way for Macro Uptrend

Summary:

1. Buying pressure continues as the bitcoin market holds above the macro, bearish trendline and the monthly resistance level.
2. There was a small amount of selling pressure but it was absorbed by eager bulls. The selling pressure seems to be profit taking as we continue to establish a low time frame uptrend of higher lows and higher highs.
3. On a macro scale, we are sitting in between support and resistance levels and it seems very likely we will continue upward until we encounter the $5,500 toto $5,800 zone.

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