Has Bitcoin Re-Entered an Accumulation Phase? Is BTC Primed Still Primed to Plunge Below $60,000?

The star token, Bitcoin, triggered a notable rise during the past month-end, which resulted in a bullish start for the month. While the market participants believed in a bullish outlook for the rest of the month, the token appears to retest the lower support as the bulls are falling weak in lifting the price above the decisive range. Moreover, the altcoins are gaining more attention and they are expected to maintain a healthy upswing while the BTC price could remain consolidated within a range. 

Now the question arises whether the bearish influence has not faded over the star crypto. Will the Bitcoin price trigger a firm pullback below $60,000?

The historical chart patterns display that the Bitcoin price has remained stuck within a range for over a couple of months. After a slight rise to one of the key resistance zones between $62,994 and $63,697, the trader had become optimistic about the next price action. However, the trend appears to be flipping in favour of the bears, which suggests bears are geared up to extract the profits and slash the levels by 5% by the end of the week. 

The price has rebounded from the lower support zone but remains within bearish captivity, which is validated by the Gaussian channel that has turned bearish. Previously, when the Gaussian channel turned bearish, the price was rejected from the average range but this time the levels have failed to enter the channel. Besides, the bulls and bears have been fighting equally for their dominance since the start of the trading day. 

Therefore, the BTC price is believed to consolidate below the lower range of the channel for a while as the MACD is about to undergo a bullish crossover. This trade set-up suggests the price is due to test the lower support zone, which is between $60,234 and $59,594. Hence, the token could reach the upper threshold of the zone, which may attract fresh liquidity and trigger a new rise. However, the bulls are expected to fall weak at the support and drop to the lower threshold below $60,000, which could be on the horizon.