Cryptocurrency markets are heading into a weekend of trading that’s making huge waves in the crypto wave. Just heading into weekend trading, BTC prices saw significant volatility and hit new highs above $70,000. Meanwhile, bulls have failed to sustain gains above the gains but have been defending lower support, suggesting a fresh bullish advance could hit the market soon.
Since the price rose above $65,000, market participants have become uncertain about the upcoming price movement. Mainly because bulls are stuck at the 2021 highs and will likely cash out on the next bullish push. Instead, the price has reached new highs ahead of Bitcoin’s halving, suggesting bulls are getting aggressive and could regain dominance any time from now.
In the short term, Bitcoin price appears to have been within a tight range of an ascending triangle. The cryptocurrency is struggling to stay within the resistance zone, which suggests bulls are gathering strength to trigger a healthy rally any time from now. Additionally, the Bollinger Bands and DMI are experiencing a squeeze, which confirms the bullish narrative. Typically, breakouts occur in the direction caused by volume, but with the market still under bullish influence, a breakout of the local high seems imminent.
Therefore, accumulation is likely to continue in the coming hours, causing excessive Bollinger Bands compression, which could lead to a breakout. Bitcoin may then enter a price discovery zone and find new highs around $70,500 to $71,200 anytime over the weekend or the first few days of the week. However, bulls need to remain strong at this time, which could set the stage for a good halving and potentially trigger a further price surge towards $100,000.
