BitcoinPrice Analysis

Bitcoin(BTC) Price An Inch Close To ATH, What’s Stopping It To Move Ahead?

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Highlights

    Bitcoin price maintained a considerable uptrend since the past couple of days and ranged high to smash the current ATH

    Despite a rejection close to its ATH, Bitcoin(BTC) price consolidates above $63,800 showcasing a bullish tendency

The start of the new quarter was pretty bullish as the most dominant crypto, Bitcoin marked its resurgence.  Many factors tried to drag the price to the bottom levels, yet the BTC price remained mostly unaffected. Adding to the substance, Bitcoin price has doubled since China banned the crypto trade. However, after the magnificent rally, yet the asset failed to achieve hew highs. 

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While the BTC price is consolidating heavily just 3-4% below its ATH, yet buyers and sellers appear to be in a tough fight. However, for the past couple of days, the sellers appear a little exhausted for some time. And quickly the buyers uplifted the price to 2%-3%. And hence if a similar pattern continues, then the traders can expect a new ATH in the next couple of hours.

As the daily candle appears bearish at the press time, a slight drawback before a bounce may be fast approaching. However, after uplifting the price above $63,800, the buyers appear to be relaxing as trading volume has dipped nearly 5%. Yet the price still fights hard to sustain above $64,000

btcprice
Source: Tradingview

The asset is following an uptrend with minor fluctuations since the beginning of the current trading month. The asset is currently trending in the lower channel and may continue its attempt to rise high to the upper channel. To do so, a huge influx of the trading volume is required dominated by the buying pressure. Else, the bears may take full advantage of this price surge as many of them had entered the trade at $62,000 in the previous bull run. 

Considering the indicators, both RSI and MACD remain notably bullish. Despite some up’s and down’s, RSI still trends above 50 pointing out towards the upcoming uptrend. Amid the positive market sentiments and technicals, Bitcoin(BTC) price may achieve ATH somewhere in the next couple of hours. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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