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.
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 However, the data from a popular on-chain analytic platform Glassnode shows nearly 28% of BTC have been withdrawn over the last three weeks.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.