Retail Traders are Shorting BTC Again: Should you be Bullish or Bearish on Bitcoin?
The post Retail Traders are Shorting BTC Again: Should you be Bullish or Bearish on Bitcoin? appeared first on Coinpedia Fintech News
The Bitcoin price has become largely volatile ever since the crypto markets and the global financial markets suffered after the Japan market crash. The Bulls are trying hard to reclaim the lost levels, while the Bears are leaving no stone unturned to keep the rally within a restricted range. Meanwhile, the BTC price is displaying the possibility of a bullish breakout, as the historical chart suggests the token usually undergoes a similar consolidation before a major price action.
The Bitcoin Fear & Greed Index had recently dropped to fear-hitting levels close to 30, while BlackRock had its largest inflow since 22nd July. Blackrock’s IBIT-spot BTC ETF is now holding a massive 357,756 BTCs worth around $22.7 billion. This could be why one needs to be bullish on Bitcoin as the majority of the liquidity continues to hold above the current levels, which may trigger a short squeeze in a short while from now.
The weekly chart of Bitcoin suggests the price is stuck up within a bullish flag and is about to hit the interm support zone between $57,596.25 and $59,313.62. If the bulls manage to hold the rally here, then the price may bounce back and head towards the resistance of the channel. A breakout beyond the range may be expected if the token experiences a significant rise in buying volume. In such a case, the BTC price will head to form a new ATH somewhere around $75,000 to $76,000, followed by a minor pullback. However, after a brief consolidation, a run to $100K could be imminent.
On the other hand, if the bulls fail to breach the resistance, then the price may face yet another rejection, dragging the levels back around the current levels. However, the possibility of a pullback has occurred in the short time frame, which is expected to fade away very soon. Therefore, the Bitcoin (BTC) price continues to trade under a bullish influence, which may keep up the rally in the longer time frame.
