BTCUSD experienced a remarkable surge in 2023, storming to a fresh nine-month high of 29,187 in mid-March. However, the king of cryptocurrencies has repeatedly failed to advance higher, with the price trading within a tight range for the past 20 days.
The momentum indicators are currently reflecting a cautiously positive near-term tone. Specifically, the RSI is ticking downwards above its 50-neutral mark, while the stochastic oscillator has flatlined in the positive zone after failing to complete a bullish cross.
Should buying pressures persist, the price could initially test the nine-month high of 29,187. Surpassing that zone, the spotlight could turn to the May resistance of 32,380. Even higher, the 37,150 barrier could prove to be a tough obstacle for the price to overcome.
On the flipside, if sellers re-emerge and push the price lower, immediate support could be found at 26,690, which is the lower end of the recent rangebound pattern. Should that floor collapse, the bears could aim for the previous resistance of 25,250, which lies very close to the ascending 50-day simple moving average (SMA). A break below that level could open the door for the February bottom of 21,375.
In brief, BTCUSD appears to be in a consolidation phase, waiting for developments that could provide fresh directional impetus. Hence, a break above or below the tight range could be followed by a significant move in the same direction.