Bitcoin (BTC) Price Prediction: BTC Bulls Aim to Reclaim the Upper Threshold of the Channel Before the Event

Bitcoin is in the middle of a steep recovery as the bulls appear to be poised to reclaim the upper threshold before the event

Bitcoin price soared higher last week and faced strong selling pressure from early trading hours on Monday. However

Despite the bearish activity, the price is holding some pivotal zones, which keep hopes alive for a healthy ascending trend. If the bulls manage to hold at these levels, then the Bitcoin price may trigger a steep upswing and form a new ATH above $75,000 soon.

The BTC price is constantly forming lower highs and lows but the current trade set-up suggests the bulls may break the bearish scenario. The price is again heading to test the upper resistance of the channel and if it surpasses these levels, a fresh upswing may elevate the levels to the resistance zone between $72,529 and $73,305. This could be the final barrier for the Bitcoin price rally before marking a new ATH above $75,000.

However, the on-balance volume, OBV, is bullish, and the price was heading for a ‘death cross’ which appears to have differed. Therefore, the BTC price continues to remain under bullish influence and could maintain an ascending trend throughout the week ahead.

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