Bitcoin Consolidation: Rally about to Resume?

Have the last seven days just been about consolidation for the Bitcoin price? This up and sideways price action has allowed the shorter term momentum indicators to reset. Could this mean that the rally is about to resume?

$BTC price ready to move higher after consolidation?

Source: TradingView

Since the huge rally that ended at $79,500, the $BTC price has generally gone sideways, although a new local high was put in at $81,235. After such a strong rally a period of consolidation was desperately needed. That said, many might have thought that the $BTC price would come back down into the mid to lower $70K area for what could be perceived as a healthier correction.

None of it. Taking the Fibonacci levels from the bottom of this sideways movement up to that local top, the price has been down to the 0.618 Fibonacci level, touched it, and has risen again. Two falling wedges are part of the consolidation, and both have broken to the upside. The most recent one broke on Wednesday and now the $BTC price is putting on a bit of a spurt, up around 1.8% so far on Thursday. Once, and if the price can surpass the last high, the main $82K - $83K horizontal resistance will be in reach.

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