Bitcoin reclaims a major resistance after remaining consolidated for a couple of days. The bulls are displaying significant strength as the levels continue to range high, slowly and steadily. With this, the probability of marking a new ATH emerges, provided the BTC price is required to close the quarterly trade above certain levels.
The BTC price has faced a massive pullback in the past week but despite the repetitive attempts, the bears failed to drag the levels below the key support zone. This displayed a pretty clear picture of the bulls holding some dominance while undergoing a minor consolidation before the next upswing. Therefore, the upcoming quarterly close may have a remarkable impact on the upcoming price action, which may also set a strong base ahead of Bitcoin halving.
Currently, the BTC price is reaccumulating around the old all-time highs before breaking out into price discovery. Considering the technical perspective, Bitcoin needs to stay above its old ATH at around $69,000, which may enable the token to exit the accumulation phase and initiate a fresh breakout.
In the short time frame, the BTC price is seen undergoing a fine parabolic curve, aiming to reach the upper resistance, which is situated at the current ATH. As the price is hovering very close to these levels, the possibility of forming a new ATH emerges. Besides, the RSI and StochRSI are close to displaying a bearish divergence but it may certainly not prevent the price from reaching new highs.
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The RSI is yet to enter the upper threshold and hence the Bitcoin price may continue to range slightly higher than the current levels. Therefore, probably before the end of the month, the price is expected to mark a new ATH around $75,000, which may attract some bearish activity.
However, as the token enters the ‘Halving’ month, the buyers maintain their dominance, which could prevent the bears from dragging the levels below the newly formed support zone around $73,500 and $74,000. Hence, triggering a fresh bullish move towards new highs, probably $100K.