Price Analysis

Bitcoin Price Surges, Yet The Upper Limits Remain Out Of Reach!

Highlights

    The current trend of the bitcoin price hints at incoming trouble as it attempting hard to enter the upper levels of the parallel channel

    Yet the upcoming price speculation still remains bullish as the price is expected to hit the immediate resistance levels soon

The extended and prolonged consolidation of the bitcoin price has become more and more tedious. As it shows no signs of a healthy recovery as on the current time. The constant lowering of the resistance levels is yet another matter of concern for the BTC price rally. However, after continuing with a similar trend for some time, the price movements could flip the bearish or narrow trend soon.

Currently, the Bitcoin price is trending within a parallel channel. No doubt since the previous crash, the price is trending within the channel, but now the resistance levels are lowered. The immediate levels are around $35k, which needs to be reached else the price may fall into a bearish well.

Also Read: Bitcoin Price Plummeted Again,Ask Yourself 3 Questions Before Trading Bitcoin

btcpricetrend

In recent times, the balances from the exchanges are witnessing an outflow. Nearly 140K BTC were deposited since the lows of 2021 in May. However, the data from a popular on-chain analytic platform Glassnode shows nearly 28% of BTC have been withdrawn over the last three weeks. 

No doubt, the numbers are pretty less than required for a healthy bull rally. Yet also can be considered as a beginning of an uptrend. However, to validate the uptrend it is mandatory for the bitcoin price to hit the initial levels at $35,085. Also, the BTC price needs to sustain at these levels and thus marching towards the upper barrier of the channel around $38K would be possible.

Also Read: Bitcoin Price Could Slip To $30K Soon, Is The Selling Pressure Mounting?

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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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