- Bitcoin bears jump in action as the price marginally rises over $43,000 in the early trading hours, raising the possibility of a bearish pullback
- With nothing much to update, market participants could get impatient as no gains were recorded despite a major event
It has been nearly 4 days, and the Bitcoin price continues to trade within the same pre-defined range. Despite the spot, the Bitcoin ETF went live, recording huge billions in trading volume and price, merely reacting to the event. This has created huge uncertainty within the space, so the volatility rate has dropped heavily. While the analysts and the veterans believe the current price action replicates the initial phase of the bull run that happened in 2012, 2016, & 2020, the technicals suggest the bears are positioning themselves hard.
BlackRock, Fidelity, and ARK are the top 3 Bitcoin ETFs by trading volume, recording $227 million, $170 million, & $65 million, respectively, surpassing $10 billion in total. Meanwhile, the BTC price remains stuck within the range and quite distinct from the pivotal range of $48,000. In the short term, the price is displaying a huge possibility of initiating a fresh trend reversal that may drag the price lower in the coming days.
The short-term and long-term trades display a similar trend, which may lead the price towards $40,000 soon.
The recent crash has caused the price to slide down the crucial ascending trend line. Despite major efforts by the bulls, the BTC price has been failing to rise above these levels. Besides, the RSI has displayed a bearish divergence, with a bearish candle in the process. MACD, in the daily time frame, does indicate the diffusion of the selling pressure, but the bulls continue to remain distinct.
Regardless of this, the price remains above the cloud, suggesting the bulls could have held some strength despite the increasing bearish activity. With this, either the Bitcoin (BTC) price may rise by 10% to 15% to reach the resistance at $45,000 and then face rejection, or else it may initiate a fresh 50% bearish reversal. In both cases, it is feared that the price will drop below $40,000 by the end of the month.
