Amid the possibility of Bitcoin breaking above $75,000 this weekend, a major sell-off caused the price to plunge by more than 8%. Recently, the bulls have been displaying enough strength, due to which the market participants were very optimistic about the upcoming trend. This has caused a steep rise in funding rates, which may have caused a brief pullback, flushing out a lot of long leverage.
While some fell into the FUD trap, it appears that the BTC bull run is not over yet and the bulls are still in control. Corrections are always necessary for a healthy uptrend and importantly, halving is fast approaching soon after the correction, which may offer a major blow to the crypto space. Therefore, $100K may remain the higher target for the ongoing uptrend but the price in the short term is expected to consolidate under $74,000 for some more time.
The liquidation heatmap from Coinglass suggests the bears have capitulated the area around $74,000, as there could be a bunch of shorts squeezing the profits here. Besides, a lot of supply appears to be available to scoop up the liquidating longs at $66,000, which could be one of the strongest supports at the moment. Hence, it can be concluded that the price may hover within the range until a major breakout appears on either side, which could be initiated by a strong volume accordingly.
What’s next for the BTC price?
The BTC price was trading within a rising wedge in the short term and hence a minor pullback was expected after reaching the apex. As a result, the price broke down from the lower support and is trying hard to trigger a healthy rebound. However, the selling volume doesn’t appear to have settled a bit, which suggests the bearish trend could continue. This could lead the price to test $65,000 but if bulls fail to hold, a steep descending trend could drag the token towards the local support at $63,000.
On the contrary, if the bulls are successful in initiating a rebound above $67,000, then the Bitcoin price is believed to range back above $70,000 but could again face a rejection just below $74,000. This pattern could be followed until the Bitcoin halving, beyond which a major change in market sentiments may be witnessed and the price may undergo a monumental shift accordingly.
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