Price Analysis

After a Brief Bloodbath, Traders Turn Optimistic About the Bitcoin Price Rally: Can It Make It to $65,000?

The market participants appear to have become bullish on the next price action, as the buying pressure has piled up to some extent. The institutions have resumed accumulating BTC, and the possibility of a reversal emerges. However, this upswing is feared to be short-lived, as the markets need to witness one of the major obstacles after the Mt. Gox payouts. 

In such a case, is there any possibility of achieving $65,000 before the half-year ends?

The BTC price has produced a good reaction after the recent pullout as traders jumped in to accumulate. Besides, the selling pressure has faded but has not waned, which holds bearish possibilities uplifted until now. Moreover, the bears are trying to generate upward pressure, which appears to be materialising since the early trading hours. Therefore, the price continues to remain under a bearish influence until the token secures a pivotal resistance level. 

The short-term price action displays the bulls being uncertain about the next price action as the levels are consolidating within a narrow range. The BTC price is trading within a descending parallel channel in the STF, which is expected to persist for some more time. The buying volume decreases after the price reaches the average bands of the channel, which coincide with the average levels of the Bollinger bands. These bands converge after a massive explosion, but, unfortunately, under bearish influence. 

On the other hand, the stochRSI is preparing for a bearish breakout as the levels have reached the upper threshold, which may initiate a fresh descending trend. Therefore, the Bitcoin (BTC) price is expected to drop back to the lower support and if the selling pressure intensifies, the breakdown towards new lows below $58,000 could be imminent. 

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