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July 18, 2024
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Bitcoin Aims to Consolidate Within These Levels: Here’s When BTC Price Could Reach Highs

The post Bitcoin Aims to Consolidate Within These Levels: Here’s When BTC Price Could Reach Highs appeared first on Coinpedia Fintech News

Ever since the spot Ethereum ETF has been approved, market sentiments have turned slightly bullish and hopeful for upward price action in the coming days. The markets did respond positively but it remained only for a short time frame. However, the fear and greed index has again flipped from being neutral to being greedy, and hence a decent upswing is expected for the Bitcoin (BTC) price in the coming days. 

The BTC price is closely accumulating within a narrow range with a drop in volume and volatility as both bulls and bears have failed to reclaim their dominance. Hence, the price trades sideways, due to which it may lose traction until the buying volume intensifies. Many events occurred during the past week, which was expected to kick off the BTC price rally. But the markets barely moved and hence the star crypto is believed break through some levels in the lower time frame to validate a rise in the higher time frame. 

A well-known analyst, Michael van de Poppe, forecasts the next price action, which suggests the token may reach new highs if the BTC price breaks above $70,000. The price has been holding above the crucial range at $67,000 for over a couple of months. Therefore after a long consolidation, the price may find new highs, provided it breaks above the crucial levels. 

Collectively, the markets are consolidating and the Bitcoin price is not showing any possibility of undergoing a massive price action in a short while. Looking at the wider perspective, the BTC price continues to trade within a falling wedge and after hitting the bottom, undergoes a massive upswing. Nevertheless, the price does not appear to have reached its destination as the target remains the same at the $100K milestone.

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