The crypto markets are approaching the weekend trade, which creates huge waves within the crypto waves. Just before entering the weekend trade, the BTC price displayed huge volatility and clinched new highs above $70,000. Meanwhile, the bulls failed to hold the rally above the gains but have been defending the lower support, suggesting a fresh bullish upswing may soon knock into the markets.
Ever since the price has risen above $65,000, market participants have become uncertain about the upcoming price action. Mainly because the bulls have been trapped in the highs in 2021 and may cash out with the next bullish push. On the contrary, the price has marked a new ATH much before the Bitcoin Halving which suggests the bulls are well in action and could regain their dominance anytime from now.
In the short term, the BTC price appears to have been stuck within a narrow range in an ascending triangle. The crypto is trying hard to remain within the resistance zone, which suggests the bulls are accumulating strength to trigger a healthy upswing anytime from now. Besides, the Bollinger bands and the DMI are experiencing a squeeze, which substantiates the bullish claim. Usually, the breakout appears in the direction of the volume induced, but as the markets remain under bullish influence, a rise above the local highs appears imminent.
Therefore, the accumulation may continue in the next few hours, resulting in excessive compression of the Bollinger bands, which may result in a breakout. Bitcoin may then step into the price discovery zone and find new highs around $70,500 to $71,200 anytime during the weekend or in the first few days of the week. However, the bulls are required to maintain strength at this point, which may set up a fine base for the halving, which may further trigger a massive run to $100K.
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