BTC Price Analysis: the Token Reclaims $60,000, But Will the Bull Trap Hinder the Rally?

Crypto markets are trying to overcome the recent losses that occurred during the past week, which compelled the tokens to remain consolidated.

Crypto markets are trying to overcome the recent losses that occurred during the past week, which compelled the tokens to remain consolidated. Meanwhile, the bulls seem to have gained back their strength, due to which the Bitcoin price has reclaimed $60,000 with enough buying pressure. Every bullish move has attracted bearish activity, while the absence of selling pressure is raising the possibility of a bull trap.

The short-term BTC price analysis displays the token remaining stuck within a pre-determined range. Both the bulls and the bears have been failing to rise above the resistance and have dropped below the support as well. Besides, the RSI has also failed to reach the upper threshold and as the recent divergence from the bullish trend suggests, the rise could be short-lived. If the buying volume drops, then the price may also drop back below $60,000. On the other hand, Ethereum is displaying strength compared to Bitcoin.

The ETH price maintains a strong ascending trend; however, the bears have managed to have great control above the levels at $60,000. As a result, the bulls fell weak soon after rising above these levels, due to which the token faced rejection from the lower ascending support. The RSI has displayed a rise, but the mounting selling pressure may hinder the progress of the rally. Hence, the Ethereum price could remain consolidated below the resistance and reach the apex, followed by a breakout above $2800.

XRP price is showing signs of an extended consolidation as the RSI reached the highs and is preparing for a stagnant trend or a pullback. Hence, the price may trade along with the resistance for a while, followed by a slight rise above $0.62. This may help the token close the monthly trade on a bullish note above $0.65. Besides, the BinanceCoin price has displayed immense strength compared to the other tokens within the top 10. After achieving $600, the token has been facing a bearish pullback, but the rally is expected to reclaim the lost levels soon.

The BNB price has been maintaining a steep ascending trend after rebounding from the lows close to $400. The 42% rise displays the growing strength of the bulls, who seem to be poised to elevate the levels beyond $600. However, the RSI has reached the upper threshold, indicating a minor pullback could be on the way. This could eliminate the selling pressure, further pushing the prices beyond $620, and confirming new yearly highs in the next few weeks. Besides, the Polygon (MATIC) price has secured new monthly highs, displaying the growing strength of the bulls.

Polygon price has surpassed the crucial resistance zone, which may pave the way to testing the upper targets. In the event of a pullback, as the RSI has reached the upper bands, these resistance zones may offer a strong base to trigger a healthy rebound. Therefore, the MATIC price is believed to form constant higher highs and lows, displaying the growing strength among the bulls. Hence, the Polygon price is expected to rise and reclaim $0.5 in the next few days.

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