The Bitcoin Price Rally: A Bullish Breakout on the Horizon
The Bitcoin price has kicked off the week with a bang, reclaiming its lost position at $64,000. After a recent pullback of over 8%, the market was in turmoil, but the tide seems to have turned in favor of the bulls. This sets the stage for a potentially explosive week ahead for the BTC price.
As the price enters a crucial resistance zone, a clear breakout could signal a strong upward trend. Could this be the catalyst for a new all-time high this month?
Despite previous attempts to overcome bearish pressure, the technical setup now leans towards a bullish continuation. Breaking above a 7-month consolidation range, Bitcoin is primed for a significant upswing, aiming to establish a new ATH.
A closer look at the chart reveals that bulls have taken control of the rally. The price has rebounded from the channel’s average bands, forming a ‘w-shaped’ or double-bottom pattern. Breaking above the crucial 200-day MA levels, Bitcoin is on track to test the upper resistance at $67,277.
With technical indicators like RSI & MACD favoring the bulls, the path seems clear for the BTC price rally.
According to the short-term liquidation heat map from Coinglass, Bitcoin is currently consolidating between key levels of $63,582 and $64,870. A successful breach of the upper range could trigger a push towards $67,000 and beyond.
After breaking out of a lower high and low pattern, Bitcoin has been forming higher highs and lows, signaling a bullish trend. With 215 days of accumulation behind it, the price seems poised for a major move, potentially reaching $80,000 to $85,000 by the end of 2024, as per GalaxyTrading.
