Bitcoin Squashes Both Bulls & Bears: Here’s What the Next Strategy for BTC Price!

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The past reading day recorded extreme price action, marking new highs above $45,800. Interestingly, the bears quickly jumped in and squeezed profits, compelling the price to go as low as $40,750. Moreover, the token also exhibited a fakeout in both directions, which suggests the token has cleaned up the extras and hence is ready for massive price action.

The daily timeframe of the BTC price remains under the bullish influence as the price has been trading along the ascending trend line. The recent rebound from the lows indicates the presence of the bulls, who appear to remain passive after a massive breakout. While the bears are trying hard to maintain bearish pressure, the bulls appear to have a diverse plan of action.

The BTC price, after a serious brawl with the bears, has surged back above the crucial resistance at $43,000. This itself is a bullish signal that suggests the price may go up in the coming days. Now that the decision on the spot ETF is fast approaching, will a positive outcome propel the BTC price to $50,000?

The above chart displays the price to remain under a bullish influence as it maintains trade within an ascending triangle. The bulls defended the lower support, but the trend continues to remain bearish as the RSI is heading towards the lower support. Additionally, the DMI also flashes bearish signals. While the ADX is heading towards the lows, the Di+ and Di- lines are about to undergo a bearish crossover, suggesting the start of a fresh bearish trend.

This may cause the price to drop below $43,000, which may compel the rally to retest the support at $42,000 in the next few days. However, despite a huge plunge, the BTC price managed to close the previous day above $42,800, and if the present day’s trade is closed above $43,000, it can be said that the bulls could be holding a significant grip over the rally. However, a failure may compel the Bitcoin price to initiate a fresh bearish push, which may hit $42,000 and remain consolidated for some more time than expected.