Bitcoin (BTC) Price Analysis: Acute Strength Manifests as Levels Approach $69,000, Suggesting a Breakout Above $70,000 Could Be Fast Approaching

Bitcoin is manifesting acute strength as the levels are approaching $69,000, suggesting a breakout above $70,000 could be fast approaching

Bitcoin price analysis suggests strength as levels approach $69,000, indicating a breakout above $70,000 may be imminent. However, a sharp increase in dominance raises concerns about a possible pullback.

The BTC price attempted to break above the upper resistance of the bearish pattern during the previous trading day. This breakout could have had a significant impact on the subsequent price action.

The crypto remained within the range for nearly seven months, making a breakout highly anticipated. However, the bears seemed to have a different plan, as evident from the price movement.

The Bitcoin price experienced difficulty in breaking above the resistance, encountering strong upward pressure from the bears. If the BTC price fails to gain sufficient momentum and loses a pivotal support, a rejection from the resistance could be validated.

On the other hand, the bulls continued to defend the lower support at $67,277. If the price slips below the range, we can expect a deeper retracement.

Over the past couple of months, the BTC price appears to have reversed the trend, constantly forming higher highs and lows. However, from a broader perspective, the levels remained stuck within a descending parallel channel.

The latest pullback from the resistance could flash bearish signals for the crypto. Despite the massive recovery after every pullback, a key observation was the failure of the BTC price to hold the higher highs each time.

Now that the price seems to be repeating a similar pattern, another pullback appears to be fast approaching. If bear flags are realized, how deep can we expect the price to retrace?

Considering the current trade setup, the bulls appear to be holding significant strength, which is further complemented by the rise in BTC dominance. These factors are likely to elevate the levels above $70,000.

With only a couple of resistances remaining below the ATH, market participants could be almost sure of hitting a new ATH. However, the dominance is about to hit its peak, and hence a reversal could be imminent.

In such a case, how deeper can the BTC price retrace?

The Bitcoin price may experience a pullback now into the election, as job data shows weakness in the US. However, if Donald Trump wins, it may moon. Conversely, if Harris wins, we can get a price crash as low as $50,000 before picking up in the new year.

On the other hand, if the BTC price blasts through $70,000 now, it could consolidate a bit into the election and further trigger a massive upswing later.

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