Bitcoin has recently surged above $64,000 before being pulled back by bearish pressure. The current trend of consolidation is seen as part of post-halving accumulation, typically leading to a breakout around 170 days after the halving event. Historically, the rally tends to peak after 480 days, indicating that the current rally may just be getting started considering we are only 152 days post-BTC halving. With the ongoing US elections, global liquidity is anticipated to rise, potentially causing a violent breakout in BTC price from its current pattern.
However, BTC price has not yet confirmed a break above bearish pressure, leaving room for a potential rejection. The bears have been particularly active since Bitcoin crossed $64,000, pushing the price below $63,000 after reaching daily highs. While a drop below $60,000 is a concern, there is a twist in the situation.
Coinglass data shows that BTC Puell multiple indicators are turning bullish as they approach the green zone. The red zone indicates the price is too high, while the green zone suggests a potential bounce due to low prices. Miners may consider closing rigs if revenues exceed 365-D MA levels, impacting the hash rate. With the indicators nearing the green zone, it may be a good time to accumulate BTC, although a confirmed bullish reversal is still pending.
On the daily chart, Bitcoin remains within a descending trend, with recent moves pushing the price above local resistance. However, the descending trend line acts as a strong resistance point, potentially leading to another lower high formation. Despite short-term bearish pressure, the wider perspective indicates a bullish trend within a bull flag pattern, hinting at a potential breakout beyond $100K.
