Ever since the BTC price has risen above one of the key resistances at $64,000, the value has remained consolidated within a range. The bears had been somewhat dominant in the past couple of days but they seem to have remained dormant since the early trading hours. This could have offered a strong boost to the bulls, but the current trade setup suggests the price is stuck within a decisive phase.
Bitcoin made some corrections in the short term but the bulls remain vigilant as the support at $64,000 has been defended. However, the support zone is expected to become brittle after some time which may drain the price lower. The STF trade set-up suggests the price may drop to $63,300 during the weekend which may increase the volatility of the entire crypto space.
The short-term chart of the BTC price suggests the token is trading within a decisive triangle after breaking above the descending parallel channel. The bulls and bears have a restricted approach due to which the price remains tangled within the zone. Besides, the StochRSI is attempting to trigger a rebound from the oversold zone, which is expected to offer a strong push to the BTC price. However, to trigger this, the price needs to drop to the lower support of the triangle, below $63,500.
The bulls appear to be waiting for a buying opportunity, while the bears are waiting for a higer target to extract the profits. The weekends have been a game changer for the Bitcoin price in recent times and hence the upcoming couple of days may drag the prices lower, followed by a notable rebound in the price.
Also Read: Should You Buy Ethereum Before the ETF Launch? Analyst Issues Warning
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