Bitcoin Consolidation Continues; When Will the $100K Magnet Activate?
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The start of the month turned out to be bullish for the crypto markets and the BTC price rally has made a strong move towards resistance. The token has triggered a minor jump of less than 2% since the early trading hours but has remained stuck within the key resistance zone. This has raised concern about whether the Bitcoin price rally has faded or the bulls are accumulating more strength so that the next bullish push could lift the levels above the current ATH close to $74,000.
The median at $66,817 is acting as strong support, which suggests a retest of the upper limit could be imminent. The price hovered within a narrow range for a while and initiated a bullish rebound from the lower support of the decisive triangle. However, after hitting the upper obstacle, the bullish vigour faded, making it difficult for the price to break past the resistance.
The short-term price analysis shows the price triggered a strong upswing and broke above the descending trend, which acted as a strong resistance. Meanwhile, after the breakout, the price appears to have completed a retracement. The next bullish push could assist the star token towards the resistance level of around $69,200. These levels are pretty important to achieve as they can be considered a trend reversal zone and a rise above this level may have a huge impact on the price.
The volume has soared to some extent, which indicates a rise in trading activity that had faded for a while. No bullish confirmations are possible until the Bitcoin price reaches the critical barrier level of $69,200. A rise above these levels may open the doors for the upper targets above $70,000 and later above $71,400. Previously, the Bitcoin bulls had a tough fight with the bears but failed to excel. However, this time, the bulls appear to be pretty strong and hence a breakout remains pre-programmed.
Above all these, the Bitcoin (BTC) price needs to face the crucial resistance zone around $72,500, which may trigger a bullish run beyond $74,000. After the price forms a new ATH, the $100K magnet could be triggered, initiating a new bull run.