The Bitcoin price remained consolidated below $106,000 throughout the weekend, suggesting the sellers maintained their dominance. As the weekly divergence has been locked in, a potential bearish retest seems to be forming finely. Despite the price trying to overcome the bearish pullback, the BTC price failed to secure a crucial range, which keeps the bearish hopes alive. Hence, the upcoming price action in June could witness a roller coaster ride in either direction, but the question is whether the token will be able to reclaim $110K.
The Bitcoin bulls have been holding the rally above an important support level at $102,153 ever since the price surged above the range in May. The recent bounce also substantiates the bullish claim to some extent, but the traders seem to be more interested in the current price range between $103,000 and $107,000, as they have been placing huge bets within the range. This suggests the traders are preparing for both scenarios, and as a result, liquidity is piling up on either side.
The data from Coinglass suggests the short liquidation after the price rose above $105,500, while the longs have remained untouched at around $103,500. Hence, there are more possibilities of the price testing the price range, which could offer a significant bullish push towards the higher range, which is limited to $106,200. However, a rise above this range could require huge liquidity; meanwhile, the volume has dropped since the start of the month, but the bulls have maintained some dominance.
Considering the recent price action, it is quite obvious that the BTC price is expected to consolidate along the local highs for a while. However, the price action that could follow may certainly not be in favour of the bulls. If the price follows the historical price action, the star crypto is feared to undergo a steep correction soon.
A popular analyst, anonymously known as AlphaBTC, shares the similarities in the recent price action of Bitcoin, which raises the possibility of a pullback to $90,000 or slightly below. However, the analyst is quite sure of the bullish reversal, which may lead the Bitcoin price to new highs, probably to $125,000. But before this, a correction appears imminent as the indicators like RSI, MACD, CMF, and DMI are about to undergo a bearish reversal.
Regardless of the horizontal consolidation, El Salvador, Metaplanet, BlackRock, and Strategy continue to stack Bitcoin. Moreover, some are raising funds to buy more Bitcoin, which should be considered a huge bullish signal, as the real bull run is yet to begin.
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