The post Bitcoin is Stuck at $62,300, While $65,000 Remains the Key Area to Break- Here’s What’s Next appeared first on Coinpedia Fintech News
Bitcoin has held an important level of around $62,000, ever since the token faced rejection from levels above $66,000. The bulls and bears have been exerting equal pressure over the token, which has kept the token in equilibrium. However, this suggests that both of them are aware of the liquidity around these levels and are waiting for one of them to become slightly weaker, which could benefit the other.
What’s next for the BTC price during the weekend? Can we expect a larger price action or will the crypto continue to remain stuck around the average range?
In a very interesting observation, after every event of a price surge or bearish pullback, the BTC price has halted and consolidated between $61,500 and $63,300 for a while. The latest data reveals that the price may face huge liquidations if, in case the BTC price drops below $62,000. Presently, the bears are trying hard to push the BTC price below the crucial support and a successful attempt may cause serious destruction.
The short-term price action shed light on the probable price action for the upcoming weekend. While the prevailing bearish pressure may reflect a bearish outcome at the end, there are few possibilities of a bullish rebound. The price is stuck within a descending triangle, while the rally is trading very close to the apex. Therefore, a bearish pullback could be imminent if the bulls fail to hold the levels above the interim support zone between $61,727 and $61,834.
A couple of support levels are present below the above mentioned zone, but they do not appear to be strong enough to defend. Therefore, if the BTC price fails to sustain within the range, a steep drop to $60,600 could be imminent. On the other hand, if the bulls trigger a breakout, then the bears are expected to restrict the rally at $62,500 yet again. Therefore, the upcoming weekend could be a consolidated one, varying between $61,500 and $62,500.