With the halving and the spot ETF being nearby, the crypto markets have become more optimistic about the upcoming trend. Regardless of the prevailing uncertainty over the Bitcoin price action, investors maintain a positive sentiment. With this, the possibility of a bullish close for the year remains high. However, the price is trying hard to surpass the crucial resistance, which may trigger a strong bull run in the coming days.
After undergoing a parabolic recovery that ignited after hitting the lows in December 2022, the price has reached resistance, which appears to be pretty pivotal. Unfortunately, the BTC price failed to surpass these levels, while the possibility of validating a rejection seems to be high. With this breakdown, piercing through $44,000 also remains misty at the moment.
Bitcoin was trading within two massive CME gaps, and the recent rejection may fill the nearest ones.
The daily chart of the BTC price suggests the crypto is now heading to close the gap between $39,515 and $40,410 as the RSI is bearish. Therefore, a significant drop may be expected in the next couple of days, causing the price to drop below $40,000 for a while. Further, the price may validate a rebound, as it happens every time after filling the gap. Besides, in the weekly chart, the price is testing the crucial resistance, which may result in a bullish breakout very soon.
The long-term projections indicate the price is closer to accomplishing a retest as the levels are heading towards interim support. Therefore, the Bitcoin price is believed to test the lower support at $38,784 and hover for a while. With the trade approaching the yearly close, volume and volatility are expected to spike, causing a bullish close above $41,000 initially and later closing the year above $44,000 but failing to form new yearly highs.
