Bitcoin price has been surging ever since the beginning of 2023, and despite a couple of bearish pullbacks, it has maintained its strength. The recent upswing displayed the bull’s confidence and self-assured of elevating the price beyond the crucial resistance. Now that the price has landed in one of the crucial zones, a significant drop may also make its way out.
Each time, the BTC price visited these zones, it faced a decent rejection, dragging the price down by nearly $1000. Therefore, it is now believed that the price may rise again towards the same resistance and encounter crucial levels, which may turn out to be pretty decisive.
The BTC price has again been stuck in the parallel channel and accumulated heavily before entering the crucial resistance area. Moreover, before, breaking out of the previous highs, one can expect to witness sharp red candlesticks pointing towards the south. if we witness a correction at these levels, then a steep downfall toward the $24,000 area could be more feasible.
Therefore, it is more important now to keep a close watch on the resistance area as Bitcoin volatility is expected to spike heavily within these regions. If in case, the bulls fail to hold their strength, then a massive downpour could be imminent which may extend the narrow consolidation for some more time ahead.