The markets have turned bullish as the Bitcoin price raised above $100K and, despite a minor bearish interference, sustained above the range. With this, the price has reached a crucial range, breaking which could reinstate a fresh upswing towards the next ATH. Conversely, a failure could force the BTC price to accumulate below the pivotal range, promoting range-bound consolidation until the next bullish wave.
Donald Trump is all set to become the first crypto president and is believed to make crypto stronger than ever, of which afore impact has begun. However, the bull’s seem to have taken a setback as the effort that pushed the price from $75,000 to over $108K is missing during the current upswing. Meanwhile, Bitcoin has now become a $2 trillion asset, which keeps up the bullish hopes for long.
Meanwhile, the BTC price has broken from a bearish pattern and a confirmation could attract fresh volumes. Currently, the buying pressure, which was seen in between $99,100 and $99,500, has faded to some extent and hence there could be some chances of a pullback, while $100K will be defended strongly.
The BTC price broke above the resistance zone between $98,800 and $99,570 and is heading towards the pivotal range at $103,485. The token has been failing to surpass the levels at $102,436 for over a couple of months and hence a rise above the range has flashed bullish signals. Besides, the price has also broken the resistance of the descending triangle and hence a validation is needed to confirm the flipped trend.
As seen in the above chart, the RSI has broken the descending trend line along within the BTC price, and the conversion & base lines of Ichimoku have triggered a bullish crossover immediately after a bearish crossover. However, the drop in volume raises some concerns. The 24-hour trading volume had soared beyond $125 billion, which lifted the token from the consolidated zone around $75,000 to its ATH. Meanwhile, the recent upswing is supported by nearly half of the volume.
This suggests the Bitcoin price is rising due to a lack of sellers rather than a rise in the buying volume, which could flip at any moment. Therefore, the traders are required to be vigilant and cautious before entering the trade at the moment.
