Bitcoin Price All Set for a Big Week But an Interim Pullback Appears Imminent!

Bitcoin price was expected to face a strong rejection during the weekend as the price was swinging within a bearish pattern. However, the bulls were able to keep up the positions above $21,000. But the prices began to slash with the beginning of the fresh week trade as the trading volume, despite being bullish, kept on depleting throughout the past week. On the other hand, the other indicators are currently bullish, due to which the BTC price rally now appears a little misty throughout the week. 

BTC Price Unable to hit the Crucial Resistance 

The BTC price is trading above $21,000 for the past couple of days, yet failed to surpass the crucial resistance at $21,830. However, the price did attempt to slice through these levels during the previous trading day which resulted in an extreme bearish pressure, dragging the price close to $21,000. Woefully, the price is on the verge to slide below $21,000 which may halt the possibility of a strong uptrend for some time. 

It is pretty evident that the BTC price faced multiple rejections in an attempt to test the upper resistance. However, the next attempt may be successful as the asset has reached the apex of the symmetrical triangle. Therefore as the buying pressure appears to have accumulated and in the wake of closing the quarterly trade on a bullish note, the BTC price may break out from the accumulation and test the immediate resistance at $22,360. 

Woefully, the buyers are expected to get exhausted here which could compel the price to shed its gains and again hover close to $21,500. 

Bitcoin Price May Begin the Q3 Trade on Bearish Note, But Why?

It is a known fact that the BTC price has lost significant strength in defending the $20,000 levels and is now to $21,000. While the bears extract the profits with just a 10% surge, bulls get exhausted quickly in maintaining the price above the crucial support at $19863. Therefore, while a close competition for supremacy between the bulls & the bears has made a huge noise, bears are expected to outperform the bulls very soon. 

Therefore, the BTC price may be compelled to undergo a couple of fakeouts as the significant CME gap is placed at around $21,100. Considering the previous price actions, the price coils eventually plunge below these levels to close the gap soon. 

As per the analyst’s view, Bitcoin price is not displaying any clear breakout above $21,600, currently until the day’s close. But, as the monthly & the quarterly close approaches, strong bullish momentum is expected to elevate the price close to $21,700 levels. However, bulls are expected to respect these positions and uplift the price beyond $22,000 in the first fortnight of Q3.