Bitcoin

The post <a href="https://coinpedia.org/price-analysis/after-a-brief-bloodbath-traders-turn-optimistic-about-the-bitcoin-price-rally-can-it-make-it-to-65000/" rel="noopener noreferrer nofollow">After a Brief Bloodbath, Traders Turn Optimistic About the Bitcoin Price Rally: Can It Make It to $65,000?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The market participants appear to have become bullish on the next price action, as the buying pressure has piled up to some extent. The institutions have resumed accumulating BTC, and the possibility of a reversal emerges. However, this upswing is feared to be short-lived, as the markets need to witness one of the major obstacles after the Mt. Gox payouts.&nbsp;
In such a case, is there any possibility of achieving $65,000 before the half-year ends?
The <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> has produced a good reaction after the recent pullout as traders jumped in to accumulate. Besides, the selling pressure has faded but has not waned, which holds bearish possibilities uplifted until now. Moreover, the bears are trying to generate upward pressure, which appears to be materialising since the early trading hours. Therefore, the price continues to remain under a bearish influence until the token secures a pivotal resistance level.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXebbBivkPx28l3WN4JworFEdEIRAPX7BCZaCaTitjKInDEDFKCtQn93dddYQOpwhB13uazsyEpreU0WDUe2wpAkYPPmtd7fZC6qEs-rL9pHaoxXE7BwZd9JvHu8vEFJ4vl4vh9JQ1RMi4mubUNfgx4iB7mJ?key=_-cwYOcA7w0XwSnVf7Zolg" alt="">
</figure>
The short-term price action displays the bulls being uncertain about the next price action as the levels are consolidating within a narrow range. The BTC price is trading within a descending parallel channel in the STF, which is expected to persist for some more time. The buying volume decreases after the price reaches the average bands of the channel, which coincide with the average levels of the Bollinger bands. These bands converge after a massive explosion, but, unfortunately, under bearish influence.&nbsp;
On the other hand, the stochRSI is preparing for a bearish breakout as the levels have reached the upper threshold, which may initiate a fresh descending trend. Therefore, the Bitcoin (BTC) price is expected to drop back to the lower support and if the selling pressure intensifies, the breakdown towards new lows below $58,000 could be imminent.&nbsp;

After a Brief Bloodbath, Traders Turn Optimistic About the Bitcoin Price Rally: Can It Make It to $65,000?

CoinPedia News

Other articles published on Jun 26, 2024

Is That Time To Buy Cryptos? Latest Market Reports Reveal New Insights

Is the Tide Turning for Bitcoin? U.S. ETFs Report First Net Inflows in Over a Week

Pepe, Dogecoin, Shiba Inu Back Among Gainers As Memecoins Eclipse Bitcoin, Ethereum Spike

Tron (TRX) Set To Close June at a 30-Day High

BlockDAG Cranks Up the Heat with a $53.5M Presale & 2M Giveaway, Leaving Cardano and Dogwifhat in...

Top ETH-based Altcoins To Stack Before The Upcoming AltSeason!

Join our free newsletter for daily crypto updates!