Bitcoin price is consolidating after a sharp correction, attempting to reclaim above $70,000. The selling pressure on the coin has intensified in anticipation of a death cross as it forms a bottom for the second consecutive day. The long wicks formed at the bottom of the candle suggest that the bears are slowly conquering the BTC price rally with an intention to move into the lower support zone between $61,500 and $60,500 in a short time.
Despite the bearish sentiment dominating the rally, the bulls seem to have a strong grip on the coin. As mentioned above, the price seems to be approaching the lower support area, which is expected to reverse the BTC price rebound. These levels are considered as one of the important support levels, so if the bulls hold these levels, then the BTC price may make new highs in September or October, as predicted by the famous analyst Micheal van de Poppe.
Analysts believe that BTC prices need to stabilize above $61,000 to $60,000, which could spark a rally and continue to hit “new all-time highs.” Historically, August and September are not considered prime months for cryptocurrencies. However, analysts expect a major shift in momentum sometime in mid-August, which could pave the way for new highs in September or October this year.
Bitcoin is struggling to recover from the losses incurred in the previous day of trading as the price dipped below $63,000. While the bulls jumped in to the rescue, the current trading setup suggests that the price might test $60,000 before the next price action. The technical picture has turned bearish with the volume favoring the bears. However, the bulls defended the $63,968 support, which could get crushed after another bearish attack.
Therefore, the Bitcoin price rally seems to be approaching a critical juncture where a minor decline becomes necessary to attract the bulls, thereby initiating a healthy uptrend and setting new highs, possibly at $75,000.
