Bitcoin price flipped the bears and followed the uptrend for more than a week now, and hence a slight correction may be on the cards
Despite the upcoming downtrend, the validation for a bearish trend cannot be ascertained as a significant bounce may also make its way
A very strong bounce may also make its way out as the pattern suggests a replica of the price movements during the beginning of the cull run
Bitcoin price after a prolonged consolidation within a descending trend broke the pattern to initiate an uptrend. The much-awaited uptrend after 60 long days, carried the BTC price above $40,000. Initially, the Amazon rumours triggered the uptrend which was fueled by a huge chunk of both short and long liquidations.
Despite Amazon squashed the rumours, the price yet remained strong without shedding many gains. And hence, Bitcoin registered green candles for nearly 7 days in a row marking an uptrend. However, after a notable surge, a dumping week may be fast approaching.
Currently, the BTC price is testing the resistance range around $40,000 and could attain those levels very soon. Previously, the price was rejected multiple times at these levels and hence surpassing these levels becomes very crucial. Moreover, the price movement is following a similar pattern that is followed in early 2021.
The price had registered bullish daily close for more than a week in a row, which resulted in a drain for nearly 10 days further. However, the later jump was remarkable that rallied nearly 90% to register the first higher ATH around $58,000. Further, the price marked its current all-time high around $64,000 with a series of pumps and dumps.
Therefore, if the Bitcoin price repeats the same pattern, then the price could regain its lost positions above $60,000 very soon. Moreover, after the deadly death cross, a golden cross is expected to occur somewhere in mid-August. And hence this event may give a considerable push to the BTC price rally.