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The largest cryptocurrency Bitcoin (BTC) recently surpassed the critical range, and as the selling pressure significantly decreased, the bearish scenarios have gradually started to give way to bullish scenarios. Market participants are now targeting $70,000 after surpassing $62,000, but a potential pullback to $60,000 could slow this rise.
Bitcoin’s Price Volatility Peaks
Over the weekend, Bitcoin’s price volatility peaked and showed a different trend as investors adopted a bearish sentiment. With an 8% rise since the weekend, sentiment has shifted in favor of bulls targeting $70,000 in the short term. However, before reaching new monthly highs, bulls are expected to face strong downward resistance that could temporarily delay the upward movement.
Currently, those taking long positions in Bitcoin are facing high gains, indicating that the worst may be over for the price trend. Additionally, whales took advantage of low prices and bought over $4 billion worth of BTC between July 4-10, as short-term investors sold their holdings. Despite last week’s crash, Bitcoin’s price is preparing to re-enter the accumulation range following the whale hunt.
Beware of Pullbacks
Although the chart indicates an upward trend, Bitcoin has not entirely escaped the effects of the decline. Hash ribbons show that miners continue to struggle and potential capitulation is still on the horizon. This indicates that despite the recent rise, Bitcoin is still in a consolidation range.
So far, the price has recovered in a V-shape and is currently testing a critical resistance zone. Once this level is surpassed, the upward momentum could strengthen and potentially push the price above the lower support of the Gauss Channel.
This scenario could signal the beginning of a new uptrend, laying the foundation for the price to surpass the key resistance at $65,000 and reach $70,000. Until then, Bitcoin’s price may consolidate between $62,500 and $64,800, waiting for the next upward momentum to arrive.
