A momental shift in the market dynamics could be soon witnessed with new money flowing into the space. As the Bitcoin price marked new monthly highs at $64,000, the shorts have got activated as they believed the bulls may not sustain the gains. With this, nearly $21 billion in shorts have been accumulated and could be liquidated if the BTC price makes a move above a certain range.
Is the Bitcoin price preparing to hit $70,000, flipping the bearish September?
The major reason for bullish expectations has been mentioned above, while the minimum range to achieve is around $66,000. Secondly, the rally usually triggers a massive run 170 to 180 days after the Halving event and now we are currently at 155 days. However, the bearish possibility is making huge rounds as the price is failing to validate a rise from bearish influence as it remains stuck within a bearish descending channel.
What to expect from the Bitcoin price rally in the coming week?
The upcoming weekend is expected to be decisive as the BTC price is stuck up within a range, flashing both the possibility of a bullish upswing and a bearish pullback. The price is closely accumulating around $63,000 while the volume continues to deplete. The StoachRSI, about to undergo a bullish rebound while the MACD prepares for a bearish pullback, validates the claim of the BTC price being decisive this weekend.
Therefore, in the short term, the BTC price may make a move back within the resistance zone around $64,500 and may also rise to $65,000 following an extended bullish action. However, the bulls do not appear to be strong enough as the bears are holding a tight grip over these levels. Hence the upcoming monthly close may be extremely important as a sustained rise above $65,000 by the end may lay the foundation for a huge upswing in October.
Otherwise, the Bitcoin price may continue to consolidate for the first few days, followed by a breakout with less intensity.