Bitcoin price is trading within the same crucial resistance after failing to sustain above the newly formed ATH at $69,000. The selling pressure piled up as the price headed towards its ATH and as expected, it experienced a significant pullback below $60,000. A $10,000 drop in just a few hours indicates that some traders are uncertain of the BTC price maintaining a strong upswing and marking new highs.
Although the price appears to have recovered to some extent, the bearish influence may hold the token. Therefore, the probability of another pullback appears pretty high, as the technicals do not seem to favour crypto. At this point, is there something to be worried about? Will the BTC price continue to plunge?
As covered in our previous composition, the BTC price plunged as it marked a new ATH without triggering a strong rebound. The bulls appear to be taking their own time to recover, which indicates they expect another pullback from the local support.
The weekly chart of the BTC price suggests the token is stuck within the pivotal resistance levels. Hence, the trade for the next few days until the weekly close may be extremely crucial for Star Crypto. The bulls are trying hard for a bullish weekly close for which the price is required to sustain between $68,500 and $69,000. If the bears successfully restrict the price below $67,500, then the bearish trajectory could be validated, which may offer the traders a final opportunity to ‘buy at the dips’.
Considering the current trade setup and technicals, a minor pullback appears to be on the horizon. The RSI has already been marked above the upper threshold, which suggests the bulls may lose their strength in defending the local support at $66,500. This may lead to another drop below $60,000, while the rebound may consume some more time than required. Besides, the DMI is swinging between bullish and bearish pressure, and currently appears to be bewildered about the next action.
However, the ADX, or average directional index, is close to the upper limit, which indicates a short-term bearish action is more viable. Therefore, the Bitcoin (BTC) price is believed to triggered another drop before rising back above the newly formed ATH at $69,000.
