web3.0Bitcoin (BTC) Price Prediction: After the recent rise, the BTC price is juggling around narrow ranges
After the recent rise, the BTC price is juggling around narrow ranges, displaying the possibility of closing the weekly trade on a bullish note
Bitcoin price analysis for the week showcases a juggling act within narrow ranges following the recent surge, hinting at a bullish close for the weekly trade. As Bitcoin price marks new monthly highs at $64,000, shorts have been activated due to the belief that bulls may not be able to sustain the gains.
However, with this activation, nearly $21 billion in shorts have been accumulating and could be liquidated if BTC price makes a move above a certain range. As a result, there are high expectations for Bitcoin price to reach $70,000, ultimately flipping the bearish September.
To achieve this, BTC price needs to close above $65,000, which would invalidate the bearish thesis and potentially trigger a massive upswing. But if the price fails to break out of the descending channel and close below $62,000, it could lead to further bearish pressure.
Overall, the upcoming weekend will be crucial for determining the next move in Bitcoin price, with both bullish and bearish possibilities on the horizon.
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