Despite the trade being completed with the year’s first quarterly close, there was no discernible change in the crypto markets. Many cryptos remained within their consolidated zone, which either indicates the bulls are waiting for certain levels to be reached or their weakness is that they are failing to lift the levels beyond the desired zone. Regardless of this, the star token, Bitcoin, has surpassed some crucial resistance, which has fluttered a massive bullish signal ahead of the halving.
While the volume has been consistently draining, how will the BTC price maintain a strong upswing?
Considering the short time frame, the BTC price remains within a consolidated zone, struggling to sustain above $70,000. Besides, in the longer time frame, the token has closed the monthly trade above a key resistance zone, which signals the token is due for a major price action in the coming days. The BTC price closed the monthly trade on a bullish note above the crucial resistance zone, which indicates the halving period could be the most bullish phase for the BTC price rally.
After facing rejection two times in its previous attempts, the BTC price successfully closed the previous month’s trade above the resistance zone. Although the bears are trying hard to restrict the rally, the bulls may eventually remain at the forefront and prevent further drain. Also, the RSI is undergoing a small bearish divergence, which could drag the levels slightly down, but not below the resistance zone between $59,630 and $67,517.
Therefore, a minor pullback may cause the price to retest these areas where the token may range sideways for a while. Following the halving, a major breakout could appear, which may eventually cause the Bitcoin price to rise above the consolidation and reach higher targets. The above chart indicates a higher possibility of the price reaching $100K by the end of the third quarter which may lead the rally towards higher targets by the end of the year.
