Bitcoin price is currently showing a very stable trajectory as bulls appear to have slowed down, likely to reduce bearish attention. The star token has been consolidating below a crucial resistance for over a couple of weeks, providing bulls with a golden opportunity to reclaim it and reverse momentum back to bullish. However, BTC price in HTF appears weak as range-bound trading escalates.
What’s next for the Bitcoin price rally? Will Bitcoin price hit $70,000 in September?
The markets have been following a pattern lately. First, it goes up, then there is a pullback, and later, a lower high and lower low are formed. Until this trend is broken, forming a new ATH for the BTC price rally could be an arduous task. However, the bullish probability is hovering over the BTC price rally as the token could make another attempt and enter the resistance zone between $61,432 and $61,617 anytime in the future.
The short-term price action suggests that the bulls are ready to push the token into the interim resistance zone while the bullish StochRSI confirms this claim. On the other hand, the MACD indicates a decrease in the buying pressure, which could result in a minor decline. Therefore, it is believed that the Bitcoin price has reached the zone but again failed to move beyond the zone as the bulls are not bringing the required strength. Therefore, the price could fall back to the ascending support and if the bulls fail to defend, an extended decline could drag the levels near $58,000.
Moreover, the mega whales currently holding over 10,000 BTC are signaling a very large bullish move. They have been continuously accumulating BTC since June, which could trigger a strong price movement. However, the correlation between whale accumulation and BTC price movement was not positive during the accumulation phase, but once they reduce the pace, the bull run could begin.
