Is It the Time to Push to ATH?

Much before the release of the US CPI rates, the markets became volatile and hence a drastic price action was expected. Bitcoin, which had smashed the interim milestone at $50,000, was expected to maintain a healthy upswing and achieve higher targets. However, the US CPI rates came out to be hotter than expected, which dragged the levels towards the interim lows of around $48,300 within minutes. 

Now that the BTC price has resumed its upward trend, it may regain its highs in due course. But will the bearish action continue after gaining $50,000, or will their strength have waned, leaving no room for them to intervene?

The Bitcoin price has been maintaining a steep upswing since the beginning of the month, which is considered one of the most bullish factors. This suggests the bulls have been holding significant strength, which may outpower the bearish pressure in the coming days. 

The short-term trade displays the Bitcoin price undergoing a 4.6% jump and a 3.5% plunge, with a minor consolidation in between, in less than 24 hours. The token’s volatility soared, indicating a rise in the trader’s activity, which led to huge price variations. However, the selling pressure appears to have waned as the RSI remains elevated while the MACD has turned positive. However, the token has yet to validate a bullish crossover, which may further lift the levels above the yearly highs.

Therefore, the Bitcoin price could continue to move sideways within the resistance zone between $49,500 and $50,100 for a few more hours or the next 48 hours, beyond which a bullish breakout could be imminent. With this, the Bitcoin (BTC) price may regain levels above $50,000 but the next bullish push above the resistance at $51,900 may validate the beginning of a journey towards the new ATH above $75,000.