From a broader perspective, the Bitcoin price remains bullish and appears to be on the verge of reaching new highs. After rising from lows below $20,000, the bulls demonstrated incredible strength, resulting in a 300% jump. As a result, after reaching certain levels, the bulls appear to be relaxing slightly, causing the market to consolidate within a narrow range. However, this consolidation appears to have sparked speculation about the start of a new bearish spell, as BTC shorts have jumped into action.
Ever since the crypto markets experienced a major pullback in 2022, market participants appear to have become more or less pessimistic. This could be one of the reasons that the BTC price faces rejections soon after it marks new highs and remains consolidated for a while. A similar price action is expected at the moment, as short bets appear to have piled up around $74,000, which could be the next pitstop after surpassing the current highs of around $73,800. Therefore, traders are required to be careful at these levels.
The above chart displays the bets being piled up just above the current highs, which have been extended close to the levels around $75,000. The current consolidation suggests the BTC price is accumulating strength, which may result in a bullish breakout shortly. This also indicates the price may find new highs at around $75,000, slightly below these levels, which may be expected before the halving. However, a significant pullback may follow with the shorts being liquidated at once.
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The Bitcoin price is currently trading around $70,000, which is probably forming a double-top pattern. The upcoming weekly close could be pretty pivotal for the token, as the bull’s strength could be challenged to a large extent. If they manage to withstand bearish action, then a new ATH around the speculated levels at $75,000 could be imminent. However, a pullback that may follow may drag the levels back to $65,000. Conversely, if market sentiments turn bullish, a price rise above $76,000 may invalidate the bearish scenario for a while.
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