Bitcoin Price Reclaims $66,000:Will This Validate a Bullish Continuation of an Upside Move?

The post Bitcoin Price Reclaims $66,000:Will This Validate a Bullish Continuation of an Upside Move? appeared first on Coinpedia Fintech News

Following a brief scuffle between bulls and bears, the Bitcoin price finally broke through the consolidation. The star crypto formed the daily highs above $66,000 while trying hard to sustain above the levels as the bears are utilising all their strength to restrict the rally. While the price displayed huge chances of maintaining a sideways trend after the halving, without being impacted by the event, the weekend breakout revived the hopes for a bullish continuation. 

The BTC price formed a triple-top pattern and was largely believed to break the lower neckline at $60,000. The bulls again managed to fool the bears and triggered a strong reversal, which now flashes huge bullish signals. This breakout was a result of excessive contraction and accumulation. However, in the larger timeframe, the price continues to trade within a bullish influence, which has been validated by the recent rebound. 

Having said that, is this a confirmation of a continuation to $80,000?

Soon after the RSI displayed a bullish divergence with a rebound from the 38.71 range, the price gained some strength. This offered a bullish confirmation and a confirmed path towards $75,000 initially, but the actual target at $80,000. Luckily, the whales showed interest soon after the rebound, which intensified the uptrend. Currently, the bull run appears to be on its way but the BTC price needs to sustain above $66,000 for the rest of the month. 

As the price soared above the crucial resistance at $63,800, the probability of forming a new ATH above $75,000 became pretty clear. However, the bears appear to have remained stationed within the range between $71,300 and $73,800. As a result, the bulls have constantly failed to break above the strong barrier. Hence, the BTC price is believed to maintain a healthy ascending consolidation towards the highs. 

While the dropped volume raises some concerns, the bulls wait for a breakthrough in the crucial range, beyond which the buying volume may intensify, leading to an uninterrupted bull run towards $100K.