Bitcoin price is currently stuck up within very narrow ranges but is poised to break out from the consolidation. The asset ever since rebounded from the lows in June has displayed huge bullish momentum and has formed the respective bullish patterns. Therefore, the price movements of the star crypto suggest that a massive upswing may be fast approaching.
Every previous action taken over the past few weeks and in recent days was out of sheer FOMO from retail investors as whales distance themselves in a short-term boom. Therefore, looking at the recent price action, BTC price which is swinging within an ascending triangle is likely to rise higher, but a decline near $23,000 could be hit first.
As seen in the 4-hour chart, the BTC price is rising within an ascending triangle, forming multiple higher highs and lows. The asset witnessed another rejection from the resistance, sometime before which validated the bullish pattern. Therefore, to rise high, the BTC price is expected to drop first and hit the lower support below $23,200.
However, a strong rally from these levels could propel the price higher to a break above the triangle resistance area at $26,940 and a safe move higher above the $28,000 level. Bearish pressure is expected to subside once Bitcoin (BTC) price rises above $25,000, which could help the price reach the desired target.
