The volatility in the cryptocurrency market is on a constant rise as the buying and selling pressure for cryptocurrencies has experienced a massive surge. Moreover, altcoins have recorded the highest gains over the past week, following the approval of the spot Ethereum ETF, indicating a high possibility of a bull rally.
With a potential AlSeason on the horizon, BTC price has started entering a consolidation phase. Further, with the dominance of the market leader experiencing a drop, will Bitcoin price record a breakout rally this week or break its support of $67K?
For long-term investors, to find out if the BTC price will achieve the $100K milestone during the upcoming bull rally, check out CoinPedia’s Bitcoin Price Prediction.
Bitcoin Price Forms A Channel Pattern:
The Bitcoin (BTC) price started the year with a trading price of $42,253.78 and displayed a neutral trend for a while. As the market volatility increased, the bulls experienced a surge of 74.5% and recorded a new all-time high (ATH) of $73,750.07 on 14th March.
Following this, the bulls lost momentum and plunged toward its support level of $60,820. However, the price formed support above that level, resulting in it forming a channel pattern in its 1D time frame.
Despite recording a correction of 1% with a trading volume of $18.603 Billion (+22.34%) in the past 24 hours, the price of Bitcoin continues to hold its value above the $68K mark and has added approximately 10% this month.
With a trading price of $68,454.52, a market cap of $1.351 Trillion, and a dominance of 52.2%, the BTC price has a YTD return of 62.18% to its long-term investors.
BTC Market Sentiments:
The Simple Moving Average (SMA) displays a bearish convergence in the 1D time frame, suggesting a weak price action for the price of Bitcoin in the crypto space.
Moreover, the technical indicator, MACD, records a constant decline in the green histogram, highlighting an increase in the bearish sentiment within the market. Further, the averages show a high possibility of a negative convergence, suggesting a bearish outlook for the BTC price this week.
Will BTC Price Rise Again?
If the crypto market experiences a bullish reversal in its price chart, the Bitcoin price will test its resistance trendline this week. Furthermore, a successful breakout could result in the BTC token retesting its ATH and heading towards the $80,000 mark.
In case of bearish sentiment in the crypto space, Star Crypto could test its support level of $67,775. Moreover, if the bulls fail to regain momentum at that level, Bitcoin price will further plunge and prepare to test its lower support level during the upcoming weeks.
