Bitcoin price rally appears to be weak at the moment as the bearish volume has outpowered the bulls. The stagnant trend has tricked many participants, who are now finding huge potential in altcoins. However, some of the technical indicators do point towards the revival of the bullish trend which may assist the price in closing the yearly trade on a bullish note.
The BTC price remained consolidated above $17,000 for a few days showing its tendency to head toward the crucial resistance around $20,000. But the fresh slash compelled the price to trade around the same price zone. Moreover, the CPI & FOMC meeting which have been scheduled to take place shortly has created FUD which is enough to keep the markets consolidated.
Besides, a popular cryptocurrency analyst Micheal van de Poppe, however, emphasizes the BTC price targets for the upcoming week.
According to the analyst, the BTC price is required to hold the crucial area around $16,800 in order to remain away from the bearish influence. If the bulls fail to hold at these levels, then a notable plunge may drag the price lower between $16.25K to $16.5K levels.
However, the plunge appears quite unlikely as a couple of indicators are flashing bullish signals. The BTC price is currently trading within a bearish descending triangle but appears to be poised to break through the upper resistance of the channel.
