Bitcoin bulls are fighting the bearish pressure as the levels are approaching back to $76,000, eyeing to form a new ATH above $76,500. The volume remains restrictive within the range, which has weakened the bulls to a certain extent. Meanwhile, the bulls are defending the interim support as it sustains the gains, aiming to reach the upper resistance above $77,000, forming a new ATH. However, the traders do not appear to be confident about the BTC price above this range and as a result, the possibility of a pullback hovers over the rally.
Ever since the BTC price broke out of the range, the market participants have become hopeful of the next price action. The majority of them are waiting for the price to mark a new ATH, while some are preparing to extract some of the profits at the highs. Hence, the market participants may expect a steep rise in volatility this upcoming weekend as the bulls and bears are ready to place their respective bets.
The above shows the order book of Bitcoin, displaying massive buy and sell orders that have been piled up above and below the current levels. As per the data, nearly 5500 limit buy orders have been placed at $75,000 while 4600 sell orders at $77,000. This suggests the traders remain unclear of the next price action and hence are preparing for both the bullish and bearish scenarios. Now the question arises whether the BTC price rally can hold within the rising channel in the lower timeframe.
The recent recovery pushed the price within the rising parallel channel while the volume dropped back within the average range. The scholastic RSI is decremental and is about to hit the lower threshold, which may further push the price lower in the lower time frame back below $74,800 for a while. As the bulls are primed and poised to maintain a healthy upswing a strong rebound may range along the resistance, marking new highs every new day.
The BTC price has always demonstrated a huge bullish move soon after each U.S. election, with an upswing as high as 100% in 2020. If a similar price action repeats, then the Bitcoin bull run has just begun and may record massive moves in the coming weeks ahead. Therefore, the possibility of reaching the milestone at $100K remains upright regardless of the order books that intend to induce volatility within the markets.
