No sooner than the former President of the US, Donald Trump, offered his support for Bitcoin at the Bitcoin Conference in Nashville, the traders appeared to have become extremely confident about the prospects. This elevated the BTC price close to $70,000, but bearish activity was initiated before marking the milestone. Although they appear to have been stationed at these levels, bulls may not exercise extreme strength to reclaim the levels as the Bitcoin price is at the foothills of a massive explosion.
The $70,000 resistance has been very weak since the beginning as the bulls are constantly failing to keep up the levels. As a result, a notable pullback triggers which drags the price heavily, by over 18% to 20%. Currently, the buyers have fallen weak after elevating the levels to $69,800 during the past trading day and hence the traders may be expecting a drop in the pace of the rally. However, the star token does carry a hidden bullish divergence which is the key to triggering a strong ascending trend hereafter.
The weekly chart of Bitcoin has also come within a bullish range as the price rose above the support which had turned into a resistance for over a year. With this, the price is close to entering the pivotal resistance zone between $69,750 and $71,916. If the bulls make this move possible, then the market participants can expect a bullish close for the month at around $70,800 to $71,500. As the RSI has surged above the ascending support, the bullish perspective remains high, but the formation of the Bollinger bands raises some concerns.
The bands are going parallel to each other, which suggests the price may continue to consolidate below the resistance zone. Hence, if the bulls fail to break above the zone and continue to accumulate strength, this could cause the BTC price to consolidate below $70,000 for a few more weeks until it reaches the apex. Another possibility is a plunge to $62,000 or $61,000 and a rebound back to $70,000, which may complete the ‘head & shoulder’ pattern, triggering a massive upswing after a breakout from the neckline.
Therefore, the upcoming monthly close could be extremely important for the Bitcoin price rally, as it will have a huge impact on the rest of the quarterly trade.
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