The Bitcoin price starts the weekly trade with a huge surprise of reclaiming the lost position at $64,000. The price was attempted previously, but it resulted in a pullback of over 8%, which slashed the entire market to their respective support. However, the price action appears to have changed to a large extent, and hence an explosive week could be awaiting the BTC price rally ahead.
Now that the price has entered an extremely crucial resistance zone, a clear breakout may trigger a strong ascending trend. With this, have the hopes for a new ATH for this month been revoked?
It is not the first time that the Bitcoin price has attempted to rise above the bearish influence. However, the trade set-up has flipped in a bullish favour as the technicals suggest a bullish continuation. The token rose above the 7-month consolidation range and in times when the traders were pessimistic about the current price action, the star token is expected to trigger a fine upswing, aiming to form a new ATH.
The above chart suggests no major change in the wider perspective; however, close observation reveals that the bulls have gained control over the rally. For the first time in the past 7 months, the price has rebounded finely from the average bands of the channel, not once but twice, confirming the ‘w-shaped’ or double-bottom pattern. Moreover, the price rose above the crucial 200-day MA levels, which has revived the possibility of reaching the upper resistance of the channel at $67,277.
Now that the technicals like RSI & MACD are in favour of bulls, what’s next for the BTC price rally?
The short-term liquidation heat map from Coinglass suggests the price being stuck within 2 important ranges between $63,582 and $64,870, which are holding huge clusters of liquidity. While the first attempt at breaching the upper range remained unsuccessful, there could be yet another attempt. Therefore, the BTC price is required to slice through the upper resistance, which may liquidate the shorts and offer a fine push towards the upper target above $67,000.
Collectively, the Bitcoin (BTC) price has been forming higher highs and lows after rising above the lower high and low pattern. After 215 days of accumulation, the price is preparing for the next explosive move and as per GalaxyTrading, it may eventually reach $80,000 to $85,000 by the end of 2024.
