The Bitcoin price is again facing hindrance at $96,000 as the token surges significantly from the interim lows around $92,000. The technicals suggest the token is expected to maintain a descending trend, which could push the price into a strong demand zone. This zone is believed to turn the tables for the BTC price rally, as the traders are expected to hold strong confidence over the rally.
Ever since the price has marked a new ATH very close to $100K, the bears have held a strong grip over the rally. They have been refraining from revamping a strong rise beyond $100K, offering a strong upward pressure. This has caused the price to consolidate just below $96,000, which has now become a strong resistance to achieve. However, the bulls seem to have remained largely passive, probably looking for a good entry range as the current buying pressure does not seem enough to elevate the levels above the resistance.
What’s next? Will BTC price plunge as speculated before, below $90,000, or undergo a strong rebound during the coming weekend?
The weekends have been pretty tricky with the markets undergoing extreme price action on either of the sides. Now that the technicals suggest a bearish continuation, the rally could begin with a consistent price drain, followed by a massive rebound. In the meantime, the crucial levels to look at are around $93,500, where the traders are expected to hold firmly above the level.
As per the data from Intotheblock shared by Ali, nearly 667,000 addresses have bought over 500,000 BTC. This suggests staying above this range is extremely important for the token, or else it could result in panic selling. With this, the possibility of a price drain below $90,000 could become pretty evident. However, if the traders display some confidence, a strong rebound can be expected much above this range, which could reposition the target above $100K.
The daily chart of Bitcoin appears to be bullish, with the price target to be above $100K in the next few weeks. The price is ranging within a predetermined region, and so is the RSI, which is ranging along the ascending support. Therefore, it would be interesting to watch whether the RSI breaks down the range or holds above the levels and enters the overbought zone. This could have a strong impact over the Bitcoin price rally that may take a beautiful turn in the upcoming weekend.
