Bitcoin (BTC) Price Action Hints Both Bullish and Bearish Outcomes Are Possible, Which Way Will It Go?

Bitcoin displays a vibrant price action which has raised the possibility of both, bullish and bearish price action which may occur until the weekend

Bitcoin price action remains vibrant, presenting both bullish and bearish possibilities.

Rising crypto uncertainties may hinder a strong ‘Uptober’ debut.

After the recent pullback, market participants struggle to regain confidence in the rally, evident in the majority of tokens. Bitcoin's narrow price rally confirms this, presenting both bullish and bearish possibilities for the token. BTC price recently confirmed a new resistance after a failed breakout attempt above the September range. This resistance is crucial in determining Bitcoin's next move.

BTC price tried to rally higher above the 200-day MA but failed, resulting in a long upper wick and a close at the session's low - a strong bearish candle. Now that the price rally has confirmed the new resistance at these levels, technicals suggest that Bitcoin is poised to continue its decline over the coming days or weeks.

Will BTC Price Drop Back Below $60,000 or Even Lower?

As depicted on the above chart, BTC price continues to trade within a descending parallel channel, keeping the bearish hopes alive for the cryptocurrency. Ever since the rally fell below the 200-day MA in August, the bulls have failed drastically in recovering above these levels and ended up trapping some at the local highs.

The volatility has also dropped significantly after a 5% recovery, compelling the token to remain consolidated within a narrow range.

Secondly, neither the bulls nor the bears have the strength, and as a result, the token could remain consolidated for a longer time frame. However, the price has tried a couple of times to break through the resistance, which suggests that the bulls are preparing. But the volume is the main concern, as it hasn't seen any major spikes. This might indicate a bearish possibility, but the technicals remain bullish, which could maintain the momentum and quickly propel the levels back up to $66,000.

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