Bitcoin price has been causing uncertainty among investors as there is no clear confirmation of whether the market is bullish or bearish. However, analysts believe that the price is due for a significant move soon. The Bollinger Bands indicator is showing contraction, indicating that a volatile move is likely to happen in the near future. This move could potentially be a 20-30% or even larger increase or decrease in price.
Currently, as long as Bitcoin holds above the previous lows of around $56,000, it can still be considered within a larger bull market trend. However, if the price drops below this level, it could signal the end of the bull market.
Recently, Bitcoin has tested a previous area of support around $67,000 to $68,000, which has now become a resistance level. There is a significant cluster of traded volume in this range, indicating strong resistance. The next major volume support is around $63,000 to $64,000. The Bitcoin liquidation heat map also shows significant liquidity around $64,600 to $65,000 and new liquidity building around $67,300 to $67,400. This suggests that the price may revisit the resistance area before potentially experiencing another rejection.
Overall, while there is no confirmation of a bearish bias, bulls are expected to push the price to revisit $67,000 levels in the near future. The market remains uncertain, but a significant move is anticipated.