The bears have jumped back into action as the price is undergoing a notable pullback, which may test the lower crucial support. The previous month remained extremely bullish with a 20% jump, which assisted the Bitcoin price in marking a new ATH close to $74,000. However, the token underwent a massive pullback of 18% but somehow managed to recover. Now that the market participants have revived their hope of a healthy upswing being restored, the latest descending trend has shaken up the bullish trajectory.
Now the question arises whether the BTC price will remain consolidated until Bitcoin halving, or if it is a trap to capture the bears.
The daily chart of the Bitcoin price is trading within a parabolic curve and a final touch to the lower support of the curve is expected to trigger a massive upswing. With the recent pullback, market sentiment has shifted bearishly, indicating that traders are becoming increasingly fearful. Therefore, it indicates the rally is nowhere close to euphoria yet; therefore, the cycle appears to be at an early stage.
When the price remains in the early stages of the cycle, it could be prone to a bearish pullback. However, this could be a bullish indicator, which may propel the BTC price to $80,000.
The short-term trade of Bitcoin suggests the price is trading below the resistance at around $71,324.33, as the bulls are facing hindrances in surpassing these levels. With this, the trade has entered lower support levels, which has mounted bearish pressure over the token. The selling volume has also intensified, due to which there is a possibility that below $66,000 has emerged.
Besides, the possibility of a rebound has also surfaced, as the RSI has reached lower support and may soon undergo a bullish divergence. This may cause the price to initiate a bullish upswing and reclaim levels above $71,000. However, the bulls are expected to showcase acute strength at these levels, which may propel the prices towards new highs, probably close to $80,000 just before the halving. After the event, the Bitcoin (BTC) price is believed to maintain a huge upswing and head towards higher targets.
