• Bitcoin price appears to be under bullish influence and is preparing for a bullish upswing.
• The BTC price has rebounded from the lower support of the triangle and is heading towards the resistance.
• A breakout may ignite a notable upswing towards the interim resistance.
The cryptocurrency market is abuzz with activity as Bitcoin (BTC) price is displaying possibilities of a bullish break out. The long term charts indicate the test of the bottoms of the bear cycle and a significant upswing is imminent. This surge in the crypto markets has been ongoing since the beginning of the year, however, the price soon fell into a consolidation phase but remained under the influence of the bulls.
At the time of writing, BTC is trading at $36,949.45 with a 24-hour trading volume of $48,764,939,802. The BTC price appears to be under bullish influence but in the larger perspective, the bear continue to hold their dominance. Trading view analysts suggest that the price may consolidate for a while before marking a notable upswing toward the interim resistance.
As per the current conditions, the BTC price has rebounded from the lower support of the triangle and is heading towards the resistance. It is facing slight difficulty in rising above the levels as the bullish volume lags a little. Therefore, if the price witnesses a minor pullback, then it may get rejected and drop down towards the lower support of the pennant.
On the other hand, a breakout may ignite a significant upswing towards the interim resistance. This could be the start of the long-awaited bullish break out that will take the BTC price to its all-time high of $100,000. Popular analyst, who has predicted the 2021 crypto collapse, believes that the star cryptocurrency will reach $100K before the end of the year.
However, investors must remain cautious while trading as the markets are highly volatile and any wrong moves may result in losses. It is advisable to keep an eye on the market movements and technical indicators to make informed decisions. Additionally, one must diversify their investments and keep the risk appetite in check for optimal returns.