The post Bitcoin Bears Still in Control- While This Move May Transform the Bullish Trajectory! appeared first on Coinpedia Fintech News

The bears have jumped into action as the markets remain consolidated for the third consecutive day. With the market cap sliding to $1.08 trillion, investors now look out for a bearish narrative coming into play. However, the bullish trajectory cannot be eliminated as the Bitcoin price has reached a crucial zone where a breakout could offer a lift above the bearish influence.

The flagship crypto, Bitcoin, has been surrounded by bearish predictions for a long time, regardless of the positive swings observed in the recent past. However, the token is heading to close the weekly trade on a bullish note. If this materializes, the much-needed breakout could occur, squashing the bearish activity for a long time ahead.

In the weekly time frame, the BTC price continues to flash bullish signals as the trend maintains an ascending order. After trading within a symmetrical triangle, the price is again closer to testing the upper resistance, intending to trigger a breakout. Moreover, the price is also residing over the crucial 200-day MA, which is holding the price amid bearish occurrences. The price is holding up better than expected and is also carried by bullish ETF news, regardless of whether it is real or fake. 

However, the bearish narrative can be nullified only when the Bitcoin (BTC) price records a weekly close above the top resistance. Otherwise, the long-term bears may register a massive win. Historically, pre-halving years have on average 6 green and 6 red months, and hence one can expect some more red months ahead if a rejection at the resistance occurs.

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Filed under: Bitcoin - @ October 19, 2023 1:18 pm