As the cryptocurrency market approaches the end of its first two weeks, the coin is becoming increasingly volatile. Bitcoin price is under equal pressure from both sides at frequent intervals, keeping both bullish and bearish propositions active. While the bulls seem to be preventing overexertion by initiating an uptick above $58,000, bears remain wary after the latest uptick. Therefore, every uptick may turn into another lower low before BTC price locks in a critical resistance level.
The star coin has been trading inside a descending parallel channel since the beginning of the year; the latest rise is expected to lift its levels above the range. Moreover, the rising RSI corroborates the bullish narrative of reaching $59,000. Unfortunately, this move might take some extra time as BTC price has yet to gain a critical resistance level. Meanwhile, Michael van de Poppe, one of the prominent analysts, said that it’s “not time to party yet”
Referring to the above chart, the analyst highlighted two major support areas, one around $55,000 and the other around $52,500, and believes that if no events occur, the price may fall. The bears have squeezed liquidity around $56,000 several times, so these areas are more favorable for them. Therefore, if the price tests these support levels again, the price may break out of the range.
From this, the price is expected to move further lower and test the lower support area, which could spark a strong rebound. Bitcoin (BTC) price is showing some strong uptrends, but the real carnival may begin once the coin stabilizes above $58,000 and closes above $58,300.
