Although bears have restricted bullish action after the recent upswing, the crypto markets are displaying a tendency to propel towards the next high. After the recent jump from the consolidation zone below $30,000, Bitcoin’s price has been trying hard to rise and sustain itself above $35,000. However, bullish actions have been wanted to a large extent, which has highly impacted the BTC price as it is finding it extremely difficult to surpass these levels.
The BTC price has been trading very close to $35,000 for over a week and has also soared above it for a while. Despite the bearish activity, the BTC price has been maintaining an ascending trend that signals a probable upward swing. On the other hand, the buying volume has dropped comparatively, which suggests a trend reversal could be on the horizon.
Will the BTC price rise above $36,000 or trigger a drop to $33,500?
As seen in the above chart, the BTC price is heavily consolidating within newly formed resistance and support levels, but in an ascending order. As mentioned above, the price has failed to clear the crucial resistance at $35,195 multiple times. While the chart pattern shows the possibility of maintaining a fine upswing, the indicators point toward a diverse trend. Therefore, the Bitcoin price carries both the possibility of rising beyond $36,000 and plunging below $33,400.
In the short term, the selling pressure has increased slowly, which suggests a minor pullback is on the way. This may drag the levels towards the lower support, somewhere around $33,226, which may further invite notable buying pressure. Besides, RSI is also bearish; hence, the Bitcoin (BTC) price is believed to plunge, test the lower support in the next few days, and trigger a fine rebound soon.
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