Bitcoin witnessed a significant upswing during the previous weekend, which elevated the token above the key support zone. With this, the fear of the price plunging below $60,000 has differed to some extent, while it appears to be struggling to sustain a strong upswing. However, the quarterly close is on the horizon and the volatility along with volume has dropped to a large extent, so a massive price action is expected to kick in soon.
The weekly price action displays the price being stuck slightly above the key support levels at $67,051 for three consecutive weeks. This suggests the bulls hold significant dominance over the rally, which may result in the token forming new highs shortly. However, since the beginning of the week, the price has been experiencing notable upward pressure, which haunts the BTC price rally during the quarterly close.
Now that the Bitcoin price has slumped below $70,000, here is what can be expected next.
A popular analyst, CrediBULL Crypto, says that the BTC price could still face another bearish pullback as he is still ‘hedge short’ on BTC. As per the analyst, the longs have heavily piled up since the start of the month, when the price began to rise above the consolidation. Hence, the possibility of them getting rinsed below the origin of the pump emerges, which is indicated with a green box in the above chart, between $66,000 and $64,000.
Besides, the aggregated open interest is soaring high and may continue to do so for some more time before reaching the edge. Meanwhile, the funding rates are also rising, which suggests the BTC price may also continue to range high. With this, the possibility of a bullish quarterly close looms over the Bitcoin price rally, which could be followed by an intensified bearish action. However, if the market participants turn bullish ahead of the Bitcoin halving, the bearish scenario may be invalidated to some extent.
