Altcoins
Here’s why breaking above $65,000 could be a tough battle for Bitcoin (BTC) price rally
Crypto markets have turned bullish as the token has reclaimed the 200-day MA levels, which have been acting as a strong resistance for the past few days. This technical signal is coupled with the second push of the 1-day bullish divergence. The token seems to have completed the correction at the moment and hence, it is believed to remain elevated throughout the week ahead.
anyway, the BTC Price It is expected to hit a major hurdle very soon. Now the question arises whether the bulls will manage the bearish actions or slide below $60,000.
Amid growing bullish speculations for the BTC price rally, the possibility of a pullback looms as the token heads into a crucial phase, which could turn the tide of the rally. According to Coin glassShorts are slowly accumulating around a range and if the price touches this level, a new pullback could drag the levels lower, probably below $60,000.
The above chart suggests that a significant liquidity cluster has been accumulated between the $63,000 and $65,000 levels. Therefore, unless these sell orders are withdrawn or captured, it would be quite difficult for the Bitcoin price rally to reach the short-term resistance at $66,800. With this, market participants may expect another small pullback once the levels rise above $64,000 or reach $65,000.
On the other hand, market sentiments continue to rise as the star token, Bitcoin, is closely chasing the resistance at $63,100. After marking a daily high of $63,200, the bears started to apply some pressure, causing the price to reach $62,800. However, the price remains in a bullish range, showing the possibility of reviving a strong recovery in the coming hours. If the volume increases, the selling pressure between $63,000 and $65,000 may not have a significant impact on the rally, but rather cause a 2%-3% pullback.
Therefore, volume in the coming days could have a major impact on the Bitcoin (BTC) price rally, as the growing dominance of bulls could help the token resist the impending bearish pressure.