There is a belief that the cryptocurrency will exhibit strong bullish momentum, potentially pushing the prices above $70,000 if there is strength around the resistance level.
The recent breakout from a 7-month consolidation phase has led market participants to use each pullback as a good entry point, resulting in trading volumes remaining high. The BTC ETFs had their best week since July with over $1.2 billion in net flows, suggesting a bullish close for the month.
However, the price rise failed to expand the Bollinger bands, indicating the possibility of a drop to test either the middle bands or the lower bands. Additionally, whales continue to accumulate BTC, validating the bullish sentiment.
Bitcoin, the cryptocurrency, has faced some bearish pressure since early trading hours despite being above a key support level. Furthermore, the selling volume remains lower than the buying volume, indicating hope for a bullish weekend.
If the bulls fail to sustain above $68,500, a small pullback to around $67,500 is expected. Despite this, major support at $67,300 could offer a strong base as long as the RSI remains above 61.03. With just 2% away from $70,000, forming a new all-time high (ATH) above $75,000 could be within reach for the Bitcoin price rally.
As the market dynamics change and the month comes to an end, huge liquidity is expected.
