After a massive breakout, the Bitcoin bulls display some passiveness with the price hovering around $103,000. The price is stuck within a range, which hints towards the beginning of yet another accumulation phase. However, the question remains whether this phase will ease off soon or prevail for a long time, and if it eases, will the price trigger a breakout or face a rejection? 

The Bitcoin price is consolidating above $100K, which is flashing a major bullish signal with the expectation of reaching new highs. The token usually consolidates before undergoing a massive bullish action, and hence, the next upswing is expected to mark new highs. Meanwhile, the technicals have reached the levels from which the correction phase began in the previous cycles. Therefore, the BTC price is also feared to face a similar consequence if it bears strike down the levels below the threshold. 

The BTC price is an inch close to reaching the final threshold before testing the ATH. However, a close look at the technicals suggests a correction phase could soon begin. The weekly RSI has reached the overbought levels for the first time since the November breakout. The levels dropped further and remained stuck within a descending trend to mark the bottoms. This does not mean that the price will face an instant pullback, as it held within the bullish range from December 2024 to February 2025 while the RSI maintained a descending trend. 

Therefore, a new ATH for the Bitcoin price is imminent, but it may not be higher than $112,000 to $115,000. On the other hand, the OBV is yet again displaying a bearish divergence after hitting the resistance. As it has failed to surpass during the previous couple of events, a bearish validation could hinder the progress of the rally. Therefore, if the OBV strikes above the levels, the BTC price could gain strength; else a horizontal consolidation may prevail for long. 

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed