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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 star token has been consolidating underneath a crucial resistance for over a couple of weeks, offering a golden opportunity for the bulls to retake this to flip the momentum back to bullish. However, the BTC price in 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 followed a pattern lately. It first soars high, followed by a pullback, and later forms a lower high and lower low. Until this trend is broken, forming a new ATH may be a tedious job for the BTC price rally. However, the bullish probability hovers over the BTC price rally, as the token would make another attempt and enter the resistance zone between $61,432 and $61,617 anytime from now.
The short-term price action suggests the bulls are poised to push the token within the interim resistance zone, while the bullish StochRSI validates the claim. On the other hand, the MACD displays a drop in the buying pressure, which may lead to a minor pullback. Therefore, Bitcoin price is believed to have entered the zone but yet again fails to break above the zone as the bulls do not carry the required strength. Hence, 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.
Besides, the Mega Whales, who are currently holding over 10,000 BTC, are signalling a very big move to the upside. They have been constantly accumulating BTC since June and hence this may initiate a strong price action. However, the correlation between the whale accumulation and the BTC price action has not been on a positive note during the accumulation phase, but once they reduce the pace, the bull run could begin.