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Here’s what to expect over the weekend
Bullish forces have overwhelmed the cryptocurrency markets Bitcoin price he has shown some strength in the last few hours. The levels broke through one of the important resistances at $71,500, which fueled hopes of the rally reaching the crucial one at $72,500 in the next few hours. However, the bulls lack the necessary momentum and hence there are now fears that they may get trapped above $72,000 once again.
As the trade enters weekend trading, market participants expect a significant increase in volatility. It usually happens just before the weekly close, which helps the price start the new weekly trade on a bullish note. Does this suggest that BTC price could make a new all-time high in the next week or will it trap the bulls above $72,000 for another time?
Bitcoin’s 4-hour price action suggests that the token has reached its interim highs and thus a small pullback may be on the horizon. As seen in the chart above, Bitcoin price is trading inside an ascending triangle and is unfortunately facing a bearish phase after reaching the resistance zone between $$71,435 and $71,866. Therefore, the next weekend could be decisive for Crypto, as the trading setup suggests a breakout while the technical data indicates a different trend.
Although the trend continues to remain bullish, the OBV, or volume on balance, has triggered a bearish divergence after reaching the upper threshold. Furthermore, the Bollinger bands are about to be compressed, which could lead to a huge price movement. As bearish clouds hover over the BTC price rally, the possibility of a rejection emerges, which could bring levels back below $70,000.
However, if the bulls show strength and reach key resistance above $72,500, then the bearish narrative could be crushed with the expectation of a new all-time high above $75,000.