The weekend appeared to be pretty bullish for the crypto space but the bears quickly jumped in to squeeze the gains. While the Bitcoin price had fallen into a huge bearish trap, most of the altcoins had also trembled to a large extent. However, almost all the tokens were making every effort to climb above their resistance and certify with an uptrend. However, the BTC price sliding below $50K has trembled the plot yet again.
The BTC investors were extremely fearful due to the retrace and also appear to be extremely bored due to the prolonged consolidation. These extreme sentiments are pretty dangerous for a healthy bull rally as they could distract from any financial opportunity. And hence this amalgamation of sentiments is yet again compelling the price to hover below $50K yet again. However, the possibilities of a rebound have not been nullified yet, as a notable flip from the channel could validate a reversal from the bearish trap.
What’s Next For Bitcoin (BTC) Price ?
Despite the narrow trend, yet the most dominant crypto is trending within the descending channel, failing to either breakthrough or break down the pattern. The main reason for the narrow descending trend is the depleted volume due to bearish market sentiments. No sooner than Bitcoin traded below $45,000 recently, many considered the beginning of the bearish market and just fell into the trap of FUD. Therefore, failing to attract the bull’s attention, BTC is yet again feared to hit the lower levels soon.
However, it is to be noted that, the current bitcoin price trend is neither bullish nor bearish. The asset needs to fill the CME gap at $53,500 and sustain above these levels to reignite the bullish trend. However, the lower barrier levels reside along with $40,000, breaking through which the market could flip into bearish. And then the price slash is feared to hit levels as low as $35,000 to $30,000 also.
And hence in order to resume with the bull run, the Bitcoin price needs to reclaim the local resistance at $53,000. This could also fill the CME gap and push the asset towards the strong resistance levels of around $56,000.