Bitcoin price yet again trading within a very narrow region, returning to its higher low yet again
The constant flipping within the pumps & dumps has squeezed the trading zone and hence the outcome of the probable move would be crucial
The tiny variations among major tokens have raised many concerns with the bull rally. Bitcoin price is also among those coins which undergo an uptrend in a few couples of hours and plunges the rest of the day. Woefully, this trend is followed each day in the past fortnight and hence the BTC price consolidation has extended extremely.
The price has again dropped close to $33,000 after reaching heights above $34,000. The resistance and the support levels also have come closer, squeezing the Bollinger Bands. The compressed bands could be an indicator for an upcoming large movement. However, with a bang, the price is expected to either surge to the next level or plunge below the average levels.
As the squeezed Bollinger bands and hence considering the previous trend, a downfall could be on the way. However, a substantial bounce could also follow, but the highest resistance shall be restricted at $40K.
The major reason for the upcoming bearish scenario could be the extreme fear for the asset in the market. A popular analyst CryptoBull predicts that the BTC price could revisit $28,000 as an outcome of an extended fear for 60 days.
The narrow trend of Bitcoin price may be a matter of concern, however, it may continue for more time. As predicted by some of the analysts, BTC price may gear up yet again in mid-August. And hence the bull run would resume towards the set target at $100K.