Bitcoin price has been consolidating within a range for over 5 months and despite multiple attempts, it has failed to reach the crucial resistance at $70,000. The star crypto is consolidating within a pattern that does not flash positive signs. Besides, the price is testing the crucial support and another bearish push could drag the levels back into the bearish well.
The BTC price has undergone a massive rise since the beginning of 2023, achieving a parabolic recovery. However, the price traded within a descending parallel channel during H1 2024, which has circulated bearish waves across the markets. Although the bulls are offering enough support to the price, the selling volume continues to exceed it, leaving the BTC price under a huge bearish influence.
Besides, the token faced a rejection of $70,000 which led to a correction to $64,000. Many factors contributed to the downfall, which was well utilized by the whales. This led the price to fall below the crucial 200-day MA in the daily timeframe and has failed to recover, which circulated heat waves across the markets.
What’s next? Will the Bitcoin price ever reach $70,000? Or remain restricted under $65,000 for some more time.
One of the most bearish events, the death cross, is about to materialize in a short while as the 50-day & 200-day MA are about to undergo a bearish crossover. Besides, the +Di & -Di are going parallel to each other, heading towards the bottom. This suggests that the bears have huge control over the rally and hence, a fresh descending trend is expected to kick off soon.
The Bitcoin price has failed to rise above the average range of the parallel channel during the recovery, which raises suspicion over the next price action. Besides, the volume has been shifting in favour of bulls and bears at regular intervals, which has kept the upcoming price action under misty clouds. Therefore, the weekend trade could be pretty important, which may set up the path for the next price action.