The Bitcoin price has been facing some bearish heat since the early trading hours after elevating the levels above the crucial support. While some may expect a pullback during the weekend, the crypto is believed to manifest a strong bullish action. The upcoming upswing is expected to push the prices above the crucial range of $70,000 if the bulls demonstrate some strength around pivotal resistance.
After the recent breakout from the 7-month consolidation phase, the market participants are utilising each pullback as a good entry point. As a result, the trading volume continues to remain around the higher ranges. Besides, the whales continue to accumulate huge numbers of BTC, validating the bullish claim. Secondly, the BTC ETFs experienced their best week since July with over $1.2 billion in net flows. Hence suggesting a bullish close for the month, probably above $70,000.
The BTC price rise failed to expand the Bollinger bands, which suggests the price may eventually drop to test either the middle bands or else the lower. However, major support at $67,300 could offer a strong base as long as the RSI remains above 61.03, the bullish narrative remains activated. Moreover, the selling volume continues to remain lower than that of the buying which keeps up the hopes for a bullish weekend ahead.
Therefore, the Bitcoin price is expected to face a small pullback to around $67,500 if the bulls fail to sustain above $68,500. However, huge liquidity is expected to kick in as the market dynamics are about to change as the trade advances towards the end of Uptober.
Bitcoin’s bullish monthly is just shaping as the token managed to sweep the lows below $50,000, leaving the wicks and expanding towards fresh highs. While the bears are still expecting a rejection from the resistance, a small push above $68,000 could invalidate their expectations. With just 2% away from $70,000, forming a new ATH above $75,000 could not be a tedious job for the Bitcoin (BTC) price rally.
Source: https://coinpedia.org/price-analysis/bitcoin-preparing-for-a-bullish-weeknd-ahead-while-the-bears-aim-to-slash-the-price-below-67000-whats-next/