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July 18, 2024
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Is Bitcoin Stuck Up in a Bear Trap? Will BTC Price Trigger a Healthy Rebound? Here is What You Need to Know!

The post Is Bitcoin Stuck Up in a Bear Trap? Will BTC Price Trigger a Healthy Rebound? Here is What You Need to Know! appeared first on Coinpedia Fintech News

A close consolidation after a steep rise or drop has become the new normal for the Bitcoin (BTC) price rally. Following a similar trend, the token continues to accumulate within a range, suggesting a major move could be nearby; however, the direction of the rally could depend on the volume induced. This has raised the possibility of a major trend reversal that could trap the bears at the bottom for a prolonged timeframe. 

The quarterly BTC candle close is just around the corner and the token is successfully retesting an old major resistance as new support. Currently, the price remains stable between $60,800 and $61,500, despite minimal movement following the latest US economic updates. The PCE index, which reported core inflation at 2.6% year-on-year, did not significantly impact the BTC price

Presently, there are concerns over the support at $60,000, which is getting weaker as the bid liquidity also grows weak. This is signalling potentially volatile days coming ahead, which could either maintain the levels above $60,000 or face further downside. 

The price has remained stagnant within a narrow range for over a couple of days, due to which the crypto remains in a decisive phase. The bears are constantly keeping the pressure on the token as the candle is constantly forming a thick upper wick. The RSI is also in an uncertain phase, as it displays both the possibility of a bullish breakout and a bearish pullback. Therefore, this may heavily impact the BTC price, which also possesses a similar trend. However, the price does hold a hidden bullish divergence.

The MACD displays a drop in selling pressure, which suggests the bulls may soon overtake the rally. With this, the possibility of a fresh upswing emerges, which may uplift the levels above $64,000 or close to $64,500 too. Therefore, the upcoming monthly close may be consolidated but the start of the year’s second half could be bullish. However, until the Bitcoin (BTC) price does not secure levels above $65,500, the bullish reversal may not be validated.

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