The upcoming halving has been largely seen as a bullish event in the crypto space, with the majority of tokens facing a decent upswing, led by Bitcoin. After soaring above $65,800, the bears again became vigilant, which has been mounting enough selling pressure over the token. As a result, the BTC price has again dropped below $65,000, due to which the entire crypto market has fallen into a bearish well.
Although market sentiments remain bearish, projections remain bullish, specifically in the higher time frames. The recent pullback could appear daunting, but it’s important to recognize that such fluctuations are part of Bitcoin’s volatile nature, specifically in the middle of its ongoing bull market trajectory and the upcoming halving.
The BTC price witnessed a triangle fakeout during the previous day’s trade, which led to a significant drop, triggering numerous stop losses. Despite this, the bullish sentiment remains intact from a macro perspective.
Currently, the BTC price is trading around $65,000, with the range low at $63,950 in an attempt to reclaim the lost levels. Recent fundamental events, like Iran’s attack on Israel, have influenced the charts by triggering mass selling pressure. In a larger timeframe, the cumulative volume delta (CVD) suggests a potential upside momentum, while the validation can be considered after the price sustains above $64,500 for the remaining days of the month.
Although the RSI is heading towards lower support, the MACD in the short term remains bullish. Hence, indicating notable price variations and participants of traders in the short term, which may impact the rally in the long term. Moreover, the recent rebound from the lower support points towards the presence of bulls, who are expected to remain silent for a while before the next price action.
Therefore, if the bulls manage to lift the Bitcoin price within the triangle, the bullish sentiment could pile up and elevate the levels towards the upper resistance. On the other hand, if the bears are successful in restricting the rally, acute selling pressure may pile up, slashing the levels below $60,000.
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