With BTC Price Stuck Around $65,000: Here is the Bullish Perspective for Bitcoin in the Long Term
The post With BTC Price Stuck Around $65,000: Here is the Bullish Perspective for Bitcoin in the Long Term appeared first on Coinpedia Fintech News
The upcoming halving has been largely seen as a bullish event in the crypto space, with the majority of tokens facing a decent upswing, led by Bitcoin. After soaring above $65,800, the bears again became vigilant, which has been mounting enough selling pressure over the token. As a result, the BTC price has again dropped below $65,000, due to which the entire crypto market has fallen into a bearish well.
Although market sentiments remain bearish, projections remain bullish, specifically in the higher time frames. The recent pullback could appear daunting, but it’s important to recognize that such fluctuations are part of Bitcoin’s volatile nature, specifically in the middle of its ongoing bull market trajectory and the upcoming halving.
The BTC price witnessed a triangle fakeout during the previous day’s trade, which led to a significant drop, triggering numerous stop losses. Despite this, the bullish sentiment remains intact from a macro perspective.
Currently, the BTC price is trading around $65,000, with the range low at $63,950 in an attempt to reclaim the lost levels. Recent fundamental events, like Iran’s attack on Israel, have influenced the charts by triggering mass selling pressure. In a larger timeframe, the cumulative volume delta (CVD) suggests a potential upside momentum, while the validation can be considered after the price sustains above $64,500 for the remaining days of the month.
Although the RSI is heading towards lower support, the MACD in the short term remains bullish. Hence, indicating notable price variations and participants of traders in the short term, which may impact the rally in the long term. Moreover, the recent rebound from the lower support points towards the presence of bulls, who are expected to remain silent for a while before the next price action.
Therefore, if the bulls manage to lift the Bitcoin price within the triangle, the bullish sentiment could pile up and elevate the levels towards the upper resistance. On the other hand, if the bears are successful in restricting the rally, acute selling pressure may pile up, slashing the levels below $60,000.