The bulls are slowly gaining strength, with the market slowly recovering from its interim losses as Bitcoin reclaims $60,000. Although the move has yet to receive validation, bullish possibilities have emerged. With this, the token is believed to head towards new highs, while the bears also appear to have captivated certain levels, which may hinder the progress of the rally in the coming days.
The BTC price yet again tested the resistance at $60,000 and is trying very hard to sustain above the gains. The bullish probability has emerged with the expectation of reclaiming the upper targets, which may pave the way for the token to rise towards new highs. A popular analyst, Michael van de Poppe, says that the Bitcoin price is required to bounce to the final resistance as the markets have begun to break out.
The analyst believes that the bulls have begun to intensify their activity and hence the BTC price is required to bounce and reclaim the final resistance at $62,000. If this happens, he predicts that the token may form a new ATH before the end of the quarter. Besides, the ETF inflow has also come in positive ranges, which may fuel the rally.
“Bitcoin bouncing upwards, onto the final resistance at $62K,
If that breaks, then it’s close to getting a new ATH in September.
Expecting a lot of positive inflow in the data on the ETF tomorrow,”
Although the markets have been displaying bullish possibilities, there are still some chances of a bearish pullback as the token is failing to trigger a steep rise after a breakout.
The price has been constantly failing to rise above the resistance since the start of the month. Moreover, it has displayed a couple of fakeouts in recent times which has raised concerns over the prevailing price action. Although the levels continue to hold above the triangle, a drop back within the pattern may validate another fakeout, which may drag the levels below the ascending support. This may signal another market crash as the exhaustion of the bulls may reach its peak, causing a more than 15% drop in Bitcoin (BTC) prices.
