Bitcoin Bulls Back in Action As Price Reclaims Pivotal Range: Yet $70,000 May Not be Easy to Achieve
Bitcoin price soared above the pivotal range, squashing the hopes of another bearish weekend as the selling pressure wanes to a large extent.
After rising above $62,000, market participants now expect the price to hit $70,000 but a couple of pullbacks to $60,000 may hinder the rally
Bitcoin price volatility reached its interim peak during the weekend as the token displayed a diverse trend and the traders were quite bearish.
With the latest price action of over 8% since the weekend, the tables are now turned in favour of the bulls, who aim to reclaim $70,000 in the coming days.
However, before marking the new monthly highs at these levels, the bulls are expected to face a strong bearish action in between, which may delay the upward action for a while.
The BTC longs are playing out very well at the moment as the worst of the price action is likely to be over.
Besides, the whales also utilized the opportunity to gather BTC at lower rates and scooped over $4 billion worth of BTC between July 04 and 10 as the short-term traders sold away their bags.
Regardless of the past week’s breakdown, the BTC price is just a few moments away from positioning itself for a successful reclaim of the post-halving reaccumulation range.
The above chart appears bullish, but the token does not appear to have completely risen above the bearish influence. The hash ribbons suggest the miners will continue to remain in distress and maybe still capitulate.
This suggests that the BTC price is still within a buying range, regardless of the current upswing. The price has undergone a V-shape recovery and is testing one of the pivotal resistance zones.
Once the levels are cleared, the bullish signals may be fluttered as the levels may rise above the lower support of the Gaussian Channel.
This may be a signal of the beginning of a fresh ascending trend, which may then elevate the levels above the key resistance at $65,000, which may further offer a base to reach $70,000.
Until then, the Bitcoin price may remain consolidated between $62,500 and $64,800 and wait for the next bullish push.
