Bitcoin Rebounds; Initiates The Quarter on a Positive Note: May Hit $70,000 in July
The post Bitcoin Rebounds; Initiates The Quarter on a Positive Note: May Hit $70,000 in July appeared first on Coinpedia Fintech News
Bitcoin price has squashed the bearish narrative for a while as the token triggers a strong rebound from the interim lows. In times when the price was expected to mark new lows below $58,000, the rebound indicates the bulls mimicked being weak and trapped the bears to maintain a consistent ascending trend ahead. However, the breakout is yet to be validated; hence, the possibility of a pullback revolves around the BTC price until the levels do not surpass the threshold.
The BTC price has faced extreme pressure recently as the miner capitulation was on its way to mark new highs. The price has been stuck between $59,000 and $72,000 for over a couple of months and hence there was no room to set up the bearish narrative. Besides, the strong weekly close, the demand wicks have signalled the bottom of every retracement since the start of 2023, similar to the current weekly close. Therefore, this suggests the bottoms could be in as the BTC price rally appears ready for the next move.
Will the BTC price hit $70,000 in July?
Although the start of the month has been bullish, the technicals and the chart formation do not support an extended bullish narrative. The price is trading within a descending, expanding channel and is trying hard to break above the resistance. The growing optimism and the MACD, which is ready for a bullish crossover, support the bullish narrative. However, the Gaussian channel suggests some scope for bearish activity. Previously, when the price entered the channel and reached the mid-range, the selling pressure mounted, which flipped the channel from bullish to bearish. The volume also remains restricted, which supports the bearish narrative.
Therefore, the Bitcoin price is believed to break above the channel and reach the mid-range zone between $64,841 and $65,149. If the bulls managed to sustain within the range and lift the levels above the middle bands of the channel at $66,661, then the bearish possibility could be different; otherwise, the fear of a pullback below $64,000 may hover over the rally.
July has historically been bullish for the BTC price rally, as the token has recorded an average return of over 10% in the past five years. With the latest price action, the price is trying hard to flip the support levels and aim to form consecutive higher highs and lows. Moreover, the short squeeze also fueled the weekend rally and hence is believed to remain bullish for the next few days.