Bitcoin (BTC) Price Prediction: Will the Bulls Regain Control Before the Weekend Ends?

Bitcoin continues to hover around the same range, suggesting both the bulls and the bears remain largely passive. The tight consolidation suggests the price

Bitcoin price analysis suggests both the bulls and the bears remain largely passive as the BTC price continues to hover around the same range.

However, the tight consolidation may lead the price to display a significant price action during the weekend, which could have a larger impact on the other tokens as well.

Ever since the BTC price has risen above one of the key resistances at $64,000, the value has remained consolidated within a range. The bears had been somewhat dominant in the past couple of days but they seem to have remained dormant since the early trading hours.

This could have offered a strong boost to the bulls, but the current trade setup suggests the price is stuck within a decisive phase.

Bitcoin made some corrections in the short term but the bulls remain vigilant as the support at $64,000 has been defended. However, the support zone is expected to become brittle after some time which may drain the price lower.

The STF trade set-up suggests the price may drop to $63,300 during the weekend which may increase the volatility of the entire crypto space.

The short-term chart of the BTC price suggests the token is trading within a decisive triangle after breaking above the descending parallel channel. The bulls and bears have a restricted approach due to which the price remains tangled within the zone.

Besides, the StochRSI is attempting to trigger a rebound from the oversold zone, which is expected to offer a strong push to the BTC price. However, to trigger this, the price needs to drop to the lower support of the triangle, below $63,500.

The bulls appear to be waiting for a buying opportunity, while the bears are waiting for a higer target to extract the profits. The weekends have been a game changer for the Bitcoin price in recent times and hence the upcoming couple of days may drag the prices lower, followed by a notable rebound in the price.

Also Read: Should You Buy Ethereum Before the ETF Launch? Analyst Issues Warning

The above is the detailed content of Bitcoin (BTC) Price Prediction: Will the Bulls Regain Control Before the Weekend Ends?. For more information, please follow other related articles on the PHP Chinese website!