After the recent rise, the BTC price is juggling around narrow ranges, displaying the possibility of closing the weekly trade on a bullish note
Bitcoin price analysis for the week showcases a juggling act within narrow ranges following the recent surge, hinting at a bullish close for the weekly trade. As Bitcoin price marks new monthly highs at $64,000, shorts have been activated due to the belief that bulls may not be able to sustain the gains.
However, with this activation, nearly $21 billion in shorts have been accumulating and could be liquidated if BTC price makes a move above a certain range. As a result, there are high expectations for Bitcoin price to reach $70,000, ultimately flipping the bearish September.
To achieve this, BTC price needs to close above $65,000, which would invalidate the bearish thesis and potentially trigger a massive upswing. But if the price fails to break out of the descending channel and close below $62,000, it could lead to further bearish pressure.
Overall, the upcoming weekend will be crucial for determining the next move in Bitcoin price, with both bullish and bearish possibilities on the horizon.
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