Bitcoin is still testing the area of interest visible on the 1-hour and 4-hour time frames while waiting for more buyers to sustain the climb. If support holds, price could recover to the Fib extension levels marked.
The 50% level lines up with the swing high while the 61.8% level is closer to the $4,400 major psychological mark. Stronger bullish momentum could take bitcoin to the 78.6% extension at $4,500 or the full extension near $4,700.
The 100 SMA is still above the longer-term 200 SMA to confirm that the path of least resistance is to the upside or that support is more likely to hold than to break. However, price is trading below the faster moving average to suggest that there is a bit of selling pressure in play. The 200 SMA is just below the rising trend line to add another layer of support in another dip.
RSI is already starting to climb to reflect a pickup in bullish momentum. This oscillator has plenty of room to go before hitting the overbought region, so buying pressure could persist for much longer. Stochastic is also heading north so bitcoin might follow suit while buyers are in control. Price would need to make a strong break back above the 100 SMA to reflect a return in bullish momentum.
More and more market watchers are starting to get doubts with the recent rally as consolidation has been going on for a few days already. This suggests that the move may have run out of steam as traders hold out for other catalysts.
One thing to look forward to is the Fidelity institutional platform launch next month, but this may have been priced in already. With that, traders would likely want to get actual evidence of a pickup in volumes before reviving their long positions from here.