Bitcoin price rally appears to be weak at the moment as the bearish volume has outpowered the bulls. The stagnant trend has tricked many participants, who are now finding huge potential in altcoins. However, some of the technical indicators do point towards the revival of the bullish trend which may assist the price in closing the yearly trade on a bullish note.
BTC price remained above $17,000 for a few days, showing an upward trend towards the crucial $20,000 resistance. But the fresh decline forced the price to trade around the same price area. Moreover, the CPI and FOMC meeting which is due soon has created FUD which is enough to keep the markets consolidated.
Besides, a popular cryptocurrency analyst Micheal van de Poppe, however, emphasizes the BTC price targets for the upcoming week.
According to the analyst, BTC price needs to hold the critical zone around $16,800 to stay away from bearish influence. If the bulls fail to sustain these levels, a notable decline could drag the price down towards the $16.25K to $16.5K levels.
However, the plunge appears quite unlikely as a couple of indicators are flashing bullish signals. The BTC price is currently trading within a bearish descending triangle but appears to be poised to break through the upper resistance of the channel.
