As the weekend approaches, the crypto space is yet again showcasing an immense bullish trajectory. As the most dominant crypto, Bitcoin has broken out from the prolonged consolidation. The BTC price ever since reached its highs above $69,000 had fallen into a deep bearish well. Moreover, despite multiple attempts remained distinct from any uptrend. However, with the fresh jumps, Bitcoin is trying to confirm with the uptrend.
On the contrary, the breakouts usually happen with a high buying volume. However, at the press time, the jump appears to be only due to a lack of selling pressure. As the volume still remains relatively low, if sellers jump in, the price may again plunge back below $50K quickly. Yet the BTC price is still on track and on the path to smash the $56,000 resistance levels very soon.
Bitcoin price had earlier broken the trend line while swinging within the descending parallel channel. However, the asset began preparing for a rebound a couple of days before when the price slowly raised the trend from the middle zone to the upper zones. Yet the asset confirmed a reversal with a ‘Doji’ candle recorded a day before and finally pulled a massive leg up a couple of hours before. And therefore, the uptrend is expected to continue as the buyers currently appear to be in a little stronger position.
The uptrend was much expected as the asset was consolidating with very little volatility since the beginning of the present month. The BTC price after swinging within $46K to $50K for more than a fortnight, pierced through the $50K resistance levels. Despite a breakthrough, yet the uptrend is not confirmed still as the asset may fall below the levels as volume remains low. Yet, the bulls need to uplift the price in order to maintain a sustained rally ahead.