The Bitcoin price surged close to $68,000 and is trying hard to rise above the upper resistance of the prolonged consolidation. Besides, the reserves on the CEX continue to hit record lows every new day flashing the long-term goals of the traders and the whales. This move also appears to have compelled one of the whales, Tesla to move $765 million worth of BTC to an unknown wallet for the first time in 2 years, raising huge suspicions across the markets.
The star crypto is expected to clinch new highs with the positive market sentiments surrounding the BTC price rally. Besides, the Bitcoin ETFs have made a record-breaking comeback with a total net inflow of $18.9 billion and are currently holding 869K BTC, approximately 3% of the total trading volume. Now that the price is about to break the prolonged consolidation, here is when it may trigger a fine bull run to mark a new ATH.
For the 6th consecutive time, the BTC price is attempting to break above the resistance of the descending parallel channel. Habitually, the bulls are facing some upward pressure due to which the levels are stuck along the range. The RSI displays a pullback but the MACD suggests a growth in the buying pressure. Hence the RSI may undergo a bullish rebound which may help the price to break through the upper resistance.
Will the BTC price rise above $71,339? Where could the potential BTC top?
Bitcoin is assumed to break the resistance in a short while, which may pave the way for the token to reach $70,000. The final barrier before the ATH is around $71,500, which holds the fear of some longs getting liquidated here. However, the bulls could have held a tight grip over the rally and may rise high, aiming to form a new ATH, probably at $86,600, as predicted by a popular analyst, ALI.
