Bitcoin (BTC) Price Prediction: Will Bulls Regain Control and Push BTC Past $65000 by the Half-Year Mark?-web3.0-php.cn

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Bitcoin (BTC) Price Prediction: Will Bulls Regain Control and Push BTC Past $65000 by the Half-Year Mark?

PHPz

Jun 26, 2024 pm 03:23 PM

Bitcoin (BTC) price has reacted well after the recent pullback as traders rushed to accumulate. Additionally,

Bitcoin (BTC) Price Prediction: Will Bulls Regain Control and Push BTC Past 000 by the Half-Year Mark?

Bitcoin price is showing some good recovery from lower support levels, but this selling pressure has subsided but has not completely abated yet, which could boost bearish odds. However, the bears are trying to generate upward pressure, which seems to have happened since the early trading session. However, the price continues to be affected by bearish sentiment until the coin secures key resistance levels. The short-term price action suggests that bulls are skeptical of the next price move as these levels are consolidating within a tight range. BTC price is trading within a descending parallel channel in STF and this is expected to continue for some time. After the price reaches the average band of the channel, the buying volume decreases, which is in line with the average level of the Bollinger Bands. These bands converge after a big breakout, but unfortunately are affected by bearish sentiment. On the other hand, the Stochastic RSI is preparing for a bearish breakout as the horizontal lines reach the upper boundary, which may trigger a new downtrend. Therefore, Bitcoin (BTC) price is expected to fall back to lower support levels, with a fall below $58,000 imminent if selling pressure intensifies.

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