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Bitcoin faced another minor pull which caused the price to drop below $58,000 for a while but the bulls continue to remain vigilant
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Besides, the token displays the possibility of initiating a huge upswing which may trigger the bull run in the coming days
The Bitcoin price remained more or less still during the weekend as the volatility grounded with a low influx of volume. As a result, the price continues to remain within a bullish range regardless of the growing selling pressure. However, the bears are causing hindrance in the short term due to which the BTC price rally may be delayed for a while but may certainly not be denied.
Star crypto has been facing significant upward pressure for a long time which has escalated during the weekend. As a result, the start of the week was pretty bearish which lowered the resistance which had reached beyond $60,500. The price is constantly forming lower highs and lows and was prone to undergo a short-term pullback due to high leverage.
The long was getting accumulated with high leverage around the same price zone which was liquidated, causing a notable pullback in the BTC price. Regardless of the ongoing pressure over the price, the crypto continues to flash bullish signals. The historical pattern suggests the Bitcoin price is about to replicate a previous trend which had elevated the levels to a new ATH.
The analyst, ALI compares the halving cycles of 2016-2020 & 2024-2028 and 2020-2024 & 2024-2028. Both comparisons suggest that the BTC price is still in the younger stages of the upcoming bull run and hence a major price action is yet to occur. It also indicates a buying opportunity before the beginning of the run.
