The crypto markets are facing significant bearish heat as the prices of the majority of the tokens undergo a notable pullback. The Bitcoin price is trying hard to hold above the interim support of $40,000, which indicates the bulls are holding certain dominance over the rally. The price is still up by over 10% in December, and it is working on its 4th consecutive green month, which would make the 9th green month in 2023.
The current trade set-up suggests the price could trigger a rebound from the current consolidation as the traders continue to remain optimistic regardless of the prevailing bearish action. According to the on-chain data shared by an analyst, Income Sharks, the on-balance volume (OBV) daily is breaking on Binance.
The on-balance volume, or OBV, is a technical indicator that is used to determine the price movements depending on the volume flow. The negative or dropping OBV suggests a drop in volume pressure, indicating the value of the asset is prime to decline further. This could be when the investors jump in as they are waiting to buy back the token at the dip.
Collectively, the Bitcoin (BTC) price continues to remain under bullish influence, regardless of the current price action. The markets appear to be waiting for confirmation of a bullish reversal that may begin a fresh bullish wave soon. With this, the Bitcoin price may resume its uptrend and reach levels beyond $45,000 soon.
