Price Analysis

Today’s Bitcoin (BTC) Price Analysis: Here’s What to Expect During the Weekend

Bullish forces have engulfed the crypto markets as the Bitcoin price has been displaying some strength in the past few hours. The levels have surpassed one of the important resistances at $71,500, which has raised the hopes of the rally to achieve the crucial one at $72,500 in the next few hours. However, bulls do not possess the required momentum and hence it is now feared that the bulls may be trapped once again above $72,000. 

As the trade is about to enter the weekend trade, market participants expect a significant rise in volatility. It usually happens just before the weekly close, which helps the price begin the fresh weekly trade on a bullish note. Does this suggest the BTC price may mark a new ATH in the coming week or will it trap the bulls above $72,000 for another time?

The 4-hour price action of Bitcoin suggests the token has reached its interim highs and hence a minor pullback could be on the horizon. As seen in the above chart, the Bitcoin price is trading within an ascending triangle and unfortunately facing some bearish heat after reaching the resistance zone between $$71,435 and $71,866. Therefore, the upcoming weekend could be decisive for Crypto, as the trade set-up suggests a breakout while technicals indicate a diverse trend. 

Although the trend continues to remain in bullish favour, the OBV, or on-balance volume, has triggered a bearish divergence after hitting the upper threshold. Besides, the Bollinger bands are about to get squeezed, which may result in a huge price movement. As the bearish clouds hover over the BTC price rally, the possibility of a rejection emerges, which may drag the levels back below $70,000. 

However, if the bulls display strength and achieve the pivotal resistance above $72,500, then the bearish narrative could be squashed with an expectation of a new ATH above $75,000.

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