Bitcoin price appears to be at the top of a rally, hinting at a pullback to $40,000. This drop is vital in setting the tone for the next move and can either rebuild or break BTC. A higher low will tip the odds in favor of the bulls and predict a move to $50,000 or higher. Details cryptocoinon .com.
Is the Bitcoin rally coming to an end?
Bitcoin price is at a turning point of the recent uptrend. According to analyst Akash Girimath, if BTC sets a higher bottom, there is a good chance the rally will continue. Otherwise, investors can expect a steep correction. Bitcoin price is up roughly 40% in less than three weeks after a brutal drop to $32,837. This move pushes the weekly supply zone up to $45,956 stretching from $45,550 to $51,860. Interestingly, this area also hosts an annual opening of $46,198, making this cluster a major hurdle for breaching.
Therefore, BTC bulls need to take a breather, which will take the form of a pullback to the daily demand zone, which ranges from $36,398 to $38,895. Here buyers have a chance to accumulate BTC at a discounted price. A bounce from the aforementioned demand zone or the $39,481 support level will create a higher low and will be vital for a fresh uptrend to start. This rise needs to cross the upper limit of the weekly supply at $51,860 and produce a daily candlestick above it. Such a development will show the willingness of the bulls to go higher and higher, further strengthening the bullish thesis. In this case, Bitcoin price will be free to move higher until it reaches the ceiling around the $60,000 psychological barrier.
While the bullish move may sound tempting, IntoTheBlock’s Global Money In/Exit (GIOM) pattern shows that the immediate resistance barrier and support levels of $39,271 and $48,557 are of nearly equal strength. The $39k anchor holds 4.41 million addresses holding 2.53 million BTC, and the $48.5k resistance barrier hosts roughly 5.67 million addresses holding 2.95 million BTC at a loss.
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