Bitcoin Consolidation Continues: Is the BTC Price Preparing for a Huge Move?
The post Bitcoin Consolidation Continues: Is the BTC Price Preparing for a Huge Move? appeared first on Coinpedia Fintech News
The crypto markets are fluctuating within a narrow range as the traders appear to be a little unclear about the upcoming price action. The sluggish trend of market capitalization has also been hovering sideways, suggesting less participation from bulls and bears. However, Bitcoin’s (BTC) price has managed to withstand the selling pressure, as the rally remains within bullish influence.
Hence, it appears that the star crypto is preparing for a significant move in the coming days, while the direction remains unclear.
BTC’s price reached a strong liquidity zone of around $71,500 following the ETH ETF news, which happened to be another trap set by the market makers. Despite this, the bulls managed to hold the defence above the support at $67,241, which made the token look extremely bullish. The general market background seems to be pretty strong, which may support further growth, probably towards the ATH.
The previous day’s bearish action expected the levels to drop below the support of the triangle. However, the bulls managed to defend the support and keep up the hopes for an ascending trend.
The price has been trading within a steady ascending parallel channel since the start of the month and has regained higher levels to some extent. The bearish pullback that followed after hitting the interim highs above $71,000, appears to have halted with the recent rebound. Therefore, the price is believed to maintain an ascending trend and reach the upper resistance of the parallel channel. However, reaching the average levels of the channel may be a tedious job that collides with key resistance. Hence, a rise beyond these levels may pave the way to reaching a new ATH.
Now that the monthly close is on the horizon, a small rise in volatility may be expected but the impact on the Bitcoin (BTC) price may be limited. As the traders do not appear to be sure of the upcoming trend, the volume remains below the required levels. Hence, a bullish close for the month may trigger a fine rally until the H1 close.
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