The Bitcoin price has been consolidating within a predetermined range ever since the token faced a rejection from the highs above $109K. After recording huge bullish candles, the buyers seem to have exhausted or they may be waiting for the token to reach a certain range. Meanwhile, the token has successfully defended the support at $103,485, despite a rise in the upward pressure, suggesting the bulls remain vigilant as they appear to be optimistic about the upcoming BTC price rally.
The institutions are constantly buying Bitcoin as the spot ETFs witnessed over $500 million in inflows during the past reading day, maintaining the 7-day streak of positive inflow. With this, the total Bitcoin spot ETF assets have reached more than $123 billion. Interestingly, Blackrock’s Bitcoin ETF volume surpassed $1 billion in the first two hours of trading, hinting towards a raised interest among the market participants.
On the other hand, the long-term holders have liquidated a huge amount of BTC, which raises concerns over the next price action. However, the token continues to remain elevated as the higer targets still remain active with the hopes of a new ATH.
The BTC price has been displaying massive strength since the start of the second fortnight, which hints at the rising strength of the bulls. Meanwhile, the huge wicks formed above and below the candles suggest both bulls and bears are extremely vigilant and exert pressure at frequent intervals. This suggests the price could continue to remain within an ascending consolidation until the end of the month and attract a notable volume onto the platform.
Considering the technicals, the CMF is sinking, hinting towards the growing weakness within the markets. Moreover, the DMI levels have also reached the lower threshold, along with the ADX, with fewer chances of a bullish divergence. Bearish reversal can be observed with RSI and MACD displays a drop in the buying pressure with the possibility of a bearish crossover in the upcoming days. Therefore, the Bitcoin price is believed to test the support at $102.5 and initiate a strong upswing towards the final resistance zone between $106,013 and $107,419.
Breaking above these levels may only pave the way for a new ATH; meanwhile, it could require a massive influx of buying volume.
