The bulls had remained passive for quite a long time, compelling the markets to remain less volatile in recent times. Although the markets are approaching their monthly close, the value of the majority of the tokens has remained largely stagnant. This sluggish behaviour was expected to persist until the end of the month, but being a little converse, the Bitcoin price is preparing for a massive bullish move.
Soon after the FOMC rates were out, the BTC price experienced significant fluctuations, displaying a volatile market. The buyers provided short-term support that led the price to rise close to $29,500. Unfortunately, the price triggered a bearish action as soon as the trade approached these levels, resulting in a range-bound consolidation on the price chart.
The current trading setup displays the formation of an ascending triangle in the lower time frames. Therefore, as long as the lower bottom of the triangles holds strong, the possibilities of a breakthrough in the interim resistance prevail.
The current formation of an ascending channel on the lower time frames suggests the potential for an upward breakout. However, the price’s ability to hold support at the channel’s lows will be extremely crucial in determining whether the price may trigger a fresh bullish wave or continue on a downward trajectory.
The BTC price underwent a minor upswing in the past couple of days, which is looked upon as a temporary surge in buying pressure. This prompted the short-term buyers to take profits, which led the price to undergo a brief downturn. The price earlier made a false breakout beyond the upper boundary but quickly returned.
Therefore, if the lower boundary of the ascending channel is breached while the price fails to rise above $29,690, a fresh bearish wave may drag the prices lower.