Price Analysis

Bitcoin Price Consolidates for More than 70 Days: Here is When We Can Expect a Bullish Breakout!

The Bitcoin price continued to decline even after halving and erasing the maximum gains incurred after the approval of the Bitcoin ETF. Moreover, it is also one of the worst performances of Bitcoin after halving since its inception. In such trading scenarios, a minor rebound may increase bullish sentiments among market participants. 

Therefore, with the latest price action, the BTC price is now expected to rise beyond $65,000, but the bearish possibility may continue to prevail. 

Bitcoin bounces from the lows below $57,000 and after maintaining an ascending consolidation, it leaps beyond $63,000 amid bullish news. Therefore, the traders are now waiting for a price appreciation that may lift the levels towards local highs. In the middle of the bullish scenario, there is a small possibility of a bearish continuation as the BTC price keeps up its trade within a falling wedge.

As mentioned above, the Bitcoin price is trading within a falling wedge, and now that market participants expect a breakout from the upper resistance, a bearish rejection may make its way out. It is worth noting that the Gaussian Channel has turned bearish as the price rises to test the upper resistance of the wedge. Besides, the RSI continues to trade within the lower ranges, indicating less strength for the rally as the bulls remain less active. 

Hence, the Bitcoin price may continue to trade within the range of $62,900 and $63,400 for some more time, but beyond that, another bearish spell appears to be imminent. Having said that, the bearish scenario for the token continues to prevail, with bearish targets below $60,000. Here is where the BTC price may find its interim lows, which could attract fresh bullish action and activity. 

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