Has Bitcoin (BTC) Price Bottom Not Reached Yet? When Will the Bull Party Begin?

As the crypto markets are heading towards the end of the first fortnight, the tokens are becoming more and more volatile. The bitcoin price is experiencing equal pressure on either side at frequent intervals, keeping the bullish and the bearish claims alive. While the bulls seem to have prevented excessive drain by initiating a rise above $58,000, the bears remain vigilant after the latest rise. Therefore, until the BTC price seals the pivotal resistance, every rise may turn into another lower low. 

The star token has been stuck within a descending parallel channel since the start of the year; the latest rise is expected to elevate the levels above the range. Moreover, the rising RSI is substantiating the bullish claim of reaching $59,000. Unfortunately, this move may consume some extra time as the BTC price has yet to secure a pivotal resistance. Meanwhile, one of the well-known analysts, Michael van de Poppe, says, ‘No party time yet’ 

The analyst refers to the above chart, highlights two major support zones, one around $55,000 and another around $52,500 and believes the price may drop if there are no events. The bears squeezed the liquidity at around $56,000 multiple times and hence these regions have become more favorable to them. Hence, the price may break down the range if the price tests these support levels for another time. 

With this, the price is expected to go deeper, testing the lower support zone, which may trigger a strong rebound. The Bitcoin (BTC) price is displaying some strong upward moves but the real party may begin once the token settles above $58,000 and closes the daily trade above $58,300.