Bitcoin Swept High & Began to Consolidate— Is it Bullish or Bearish for the BTC Price Rally?
The Bitcoin price has triggered a fine recovery after it rebounded from the local lows below $60,000. This move was believed to escalate the levels beyond $66,000, which had been met before the previous day’s close. However, the price is yet to achieve the crucial resistance zone and till then, the fear of a pullback may haunt the rally. In such a scenario, here are the bullish and bearish scenarios that the market expects.
One of the popular analysts, Peter Brandt, believes that the price has reached the pivotal resistance zone and is attempting to enter it. Therefore, these levels around $68,000 are currently very important to keep up the bullish trend.
The analyst believes that if the price breaches above the levels, then the supply may turn the prices sideways initially and trigger a pullback. This is because the token has closed above this zone multiple times and hence this zone may have turned highly liquid. Therefore, it suggests that the price is still prone to a massive plunge as the bulls are still trapped above $70,000 and only a strong 2021-like bull run may ease the bearish pressure within these levels.
On the other hand, another analyst, ALI, continues to be bearish on Bitcoin and expects a buying opportunity below $60,000.
The short-term price action suggests the price is stuck within a rising parallel channel and hence the bullish expectations are still alive. The upper target of $75,000 remains activated; before that, a buying opportunity below $60,000 may be expected.
