Markets turned bullish as Bitcoin price rose above $100,000 and, despite slight bearish interference, held above the range. With this, the price reached a crucial range, a breakout that could re-establish further upside towards the next ATH. Conversely, failure could force BTC price to accumulate below the pivot range, favoring consolidation within the range until the next bullish wave.
Donald Trump is set to become the first president of crypto and is expected to make crypto stronger than ever, the impact of which has already begun. However, the bulls appear to have suffered a setback, as the push that pushed the price from $75,000 to over $108,000 has disappeared during the current rally. Meanwhile, Bitcoin has now become a $2 trillion asset, keeping bullish hopes alive for a long time.
Meanwhile, BTC price has broken out of a downtrend and a confirmation could attract new volumes. Currently, the buying pressure, which was between $99,100 and $99,500, has eased to some extent and hence there may be chances of a pullback, while $100,000 will be strongly defended.
BTC price has broken through the resistance zone between $98,800 and $99,570 and is heading towards the pivot range of $103,485. The token has failed to break above the $102,436 levels for more than a few months and hence a rise above the range has given bullish signals. Furthermore, the price has also broken the descending triangle resistance and hence validation is required to confirm the reversal trend.
As shown in the chart above, the RSI broke the descending trendline of BTC price, and the Ichimoku conversion and base lines triggered a bullish crossover immediately after a bearish crossover. However, there are some concerns about the decline in volume. The 24-hour trading volume surpassed $125 billion, pushing the token from the consolidated area of around $75,000 to its ATH. At the same time, the recent recovery is supported by almost half of the volume.
This suggests that the price of Bitcoin is increasing due to a lack of sellers rather than an increase in buying volume, which could tip over at any time. Therefore, traders should be vigilant and cautious before entering the trade at this time.
