Bitcoin (BTC) Price Analysis: BTC Holds Steady Around $62,000 as Bulls and Bears Await Trigger

Bitcoin has held an important level of around $62,000, ever since the token faced rejection from levels above $66,000.

Bitcoin price analysis for the weekend reveals a possibility of a consolidated price movement, within a range of $61,500 and $62,500. The token has been displaying a unique pattern, where after every event of a price surge or bearish pullback, the BTC price halts and consolidates between $61,500 and $63,300 for a while.

Currently, the token is valued at $62,163.63, with a loss of 0.07% over the past 24 hours, and a positive gain of 3.07% over the past week. The apex coin has been displaying a sticky price movement, with limited volatility over the past few days.

However, the latest data reveals that the price may face huge liquidations if, in case the BTC price drops below $62,000. Presently, the bears are trying hard to push the BTC price below the crucial support and a successful attempt may cause serious destruction.

On the other hand, a possibility of a bullish rebound is also present, if the BTC price manages to sustain above $62,000. The short-term price action shed light on the probable price action for the upcoming weekend.

While the prevailing bearish pressure may reflect a bearish outcome at the end, there are few possibilities of a bullish rebound. The price is stuck within a descending triangle, while the rally is trading very close to the apex. Therefore, a bearish pullback could be imminent if the bulls fail to hold the levels above the interim support zone between $61,727 and $61,834.

A couple of support levels are present below the above mentioned zone, but they do not appear to be strong enough to defend. Therefore, if the BTC price fails to sustain within the range, a steep drop to $60,600 could be imminent.

On the other hand, if the bulls trigger a breakout, then the bears are expected to restrict the rally at $62,500 yet again. Therefore, the upcoming weekend could be a consolidated one, varying between $61,500 and $62,500.

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