Bitcoin Is Approaching $17000, While the Possibility of AltSeason Looms Over the Space

The report of BlockFi filing for bankruptcy was believed to erupt an acute bearish trend compelling the BTC price to plunge below $16000. Meanwhile, the market displayed a contrasting trend, as the sudden price surge was pretty impressive. Some of the indicators continue to flash the possibility of a bearish reversal very soon. 

Bitcoin price has withstood massive bearish pressure since the beginning of the month. However, the downfall ceased for a while as the BTC price almost plateaued between $16,800 and $15,800. The fresh bullish divergence raised the price beyond the bearish influence and presently trying hard to break above the resistance of the bearish pennant.

The asset is struggling very hard to break above the bearish influence. But the asset may soon face a massive rejection as some of the indicators are pointing towards the resurgence of a bearish trend very soon. As per the well-known onchain platform, Santiment, the social dominance of the asset has dropped heavily and the traders appear to have moved out of the platform. 

The discussion related to BTC witnessed a massive dump, meanwhile, the traders appear to have shifted their focus on altcoins, signalling the possibility of a resurgence of altseason very soon. 

However, the current Bitcoin is expected to maintain a firm upswing until the price raises beyond $17,000 to reach the crucial level of around $17,500. The BTC price is currently swinging just above the crucial resistance at $16,500 and attempting hard to validate with the upswing. Therefore, a slight pullback close to the previous resistance could be prominent before the price moves up.