Bitcoin enthusiasts have witnessed a lack of intervention from bullish investors, thus amplifying the likelihood of a retest of the critical support level at $29,500. Bitcoin remains ensnared within a confined range, rendering the prediction of its imminent breakout direction a formidable challenge.

The U.S. Dollar Index (DXY), typically engaged in a reciprocal dance with Bitcoin, has descended below the 100 mark; however, this development has failed to catalyze an upward surge in Bitcoin's value. Consequently, Bitcoin seems to be forging its own path in the immediate future.

The Bitcoin bulls have defended the 20-day EMA set at $30,173 over the course of the past three days. Regrettably, their efforts have not yielded a substantial rebound, signaling a lack of aggressive demand at current levels. Notably, the 20-day EMA has commenced flattening, while the Relative Strength Index (RSI) hovers marginally above the midpoint, denoting an equilibrium between supply and demand. Consequently, this equilibrium may confine the pair within the narrow range of $29,500 and $31,500 for an extended period.

To herald the advent of the subsequent upward surge, buyers must vigorously propel the price beyond the $32,400 mark. In such a scenario, the BTC/USDT pair may embark on a momentous journey towards the coveted milestone of $40,000. Conversely, should the price descend below the critical support level of $29,500, the pair may experience a sharp decline towards the 50-day Simple Moving Average (SMA) positioned at $28,671.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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