Here’s What You Can Expect From the Bitcoin Price Rally in the Next 15 Days

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Written By Pinang Driod

The crypto markets appear to have been slowly recovering from the latest losses. The Bitcoin price has been stuck below the crucial resistance of $70,000. The bulls have been failing to set up a steep upswing as they remain silent and wait for a major price movement. Unfortunately, the BTC price is expected to maintain a sluggish trend, regardless of Bitcoin halving on the horizon. 

Ever since the BTC price faced rejection from its new highs, the bulls and bears have been mounting equal pressure. The bulls are trying to elevate the support levels, while the bears are successfully pushing the resistance lower. Due to this, the price remains stuck within a decisive symmetrical triangle. 

Therefore, this suggests the price which has been going sideways in the past few weeks, could tighten the range & end up in a breakout or rebound. 

The BTC price is fluctuating in and out around $70,000 and has hit the trendline of the symmetrical triangle. From the Elliott wave perspective, an ABCDE wave has been formed of which the final wave towards the lower support may trigger a massive breakout. However, a confirmation may occur when the price closes the day’s trade within the triangle which may set up a final pullback before the giant moves towards the new highs. 

Besides, all the lines within the DMI have converged at a point and are unable to display a variation. This suggests a massive move could be on the horizon as the volume also has squeezed to a large extent. However, to materialise this move, a notable pullback is mandatory which may attract fresh liquidity and may further raise the bullish dominance. Therefore, the Bitcoin price may continue to remain consolidated until the halving and later display a massive price action towards new highs soon. 

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