Bitcoin (BTC) Price Analysis: Bulls Eye $70,000 September Target as Whales Accumulate

The Bitcoin price is playing a very resilient trade at the moment as the bulls appear to have slowed down, probably to reduce the bearish attention.

The Bitcoin price is currently displaying a resilient trend as the bulls seem to have slowed down, possibly to reduce the bearish attention. The star token has been consolidating below a crucial resistance for over a couple of weeks, presenting a golden opportunity for the bulls to recapture this level and shift the momentum back to bullish. However, the BTC price on the HTF appears to be weak as the range-bound trade escalates.

What’s next for the Bitcoin price rally? Will it hit $70,000 in September?

The markets have been following a pattern of late. It first soars high, then experiences a pullback, and finally forms a lower high and lower low. Until this trend is broken, forming a new ATH might be a difficult task for the BTC price rally. Nevertheless, the bullish probability continues to hover over the BTC price rally, as the token is expected to make another attempt and enter the resistance zone between $61,432 and $61,617 at any point.

A glance at the shorter time frame reveals that the bulls are preparing to push the token within the interim resistance zone, while the bullish StochRSI further substantiates this claim. On the other hand, the MACD shows a decline in the buying pressure, which could lead to a minor pullback. Therefore, Bitcoin price is likely to have entered the zone but fails to break above it again as the bulls do not possess the necessary strength. Consequently, the price may drop back to the ascending support and if the bulls fail to defend, an extended pullback could drag the levels close to $58,000.

Moreover, the Mega Whales, who currently hold over 10,000 BTC, are indicating a significant move to the upside. They have been continuously accumulating BTC since June and hence this may lead to a strong price action. However, the correlation between the whale accumulation and the BTC price action has not been positive during the accumulation phase, but once they slow down the pace, the bull run could begin.

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