Here’s Why Surpassing $65,000 May be an Uphill Battle for the Bitcoin (BTC) Price Rally
The post Here’s Why Surpassing $65,000 May be an Uphill Battle for the Bitcoin (BTC) Price Rally appeared first on Coinpedia Fintech News
The crypto markets have turned bullish as the token reclaimed the 200-day MA levels, which acted as strong resistance in the past few days. This technical signal is coupled with the 1-day bullish divergence second drive. The token appears to have accomplished the correction at the moment and, hence, is believed to remain elevated throughout the week ahead.
However, the BTC price is expected to face a major hindrance very soon. Now the question arises whether the bulls will handle the bearish actions or slip below $60,000.
Amid the growing bullish speculations for the BTC price rally, the possibility of a pullback looms as the token is heading towards a crucial phase, which may turn the tables for the rally. According to Coinglass, the shorts are slowly piling up around a range and if the price strikes here, then a fresh pullback could drag the levels lower, probably below $60,000.
The above chart suggests a significant cluster of liquidity has been piled up between the levels, of $63,000 and $65,000. Therefore, unless these sell orders are not pulled or vested, it would be pretty hard for the Bitcoin price rally to achieve the short-term resistance at $66,800. With this, the market participants may expect yet another minor pullback once the levels soar above $64,000 or reach $65,000.
On the other hand, market sentiments continue to grow as the star token, Bitcoin, is closely chasing the resistance at $63,100. After marking a daily high of $63,200, the bears have begun to exert some pressure, causing the price to reach $62,800. However, the price remains within a bullish range, displaying the possibility of reviving a strong upswing in the next few hours. If the volume soars, then the selling pressure between $63,000 and $65,000 may not largely impact the rally but rather cause a 2% to 3% pullback.
Therefore, the volume in the next few days may have a major impact on the Bitcoin (BTC) price rally, as the growing dominance of the bulls may help the token withstand the incoming bearish pressure.
