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<p>The post <a href="https://coinpedia.org/news/heres-when-bitcoin-btc-price-will-initiate-a-fresh-rally/">Here’s When Bitcoin (BTC) Price Will Initiate a Fresh Rally</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Crypto analyst Crypto Rover recently discussed the current state of <a href="https://coinpedia.org/news/bitcoin-price-prediction-for-may-heres-what-in-store-for-btc-price/" target="_blank" rel="noreferrer noopener">Bitcoin’s price</a> action, suggesting that while the cryptocurrency has experienced a slight bounce, it remains within a significant consolidation phase. However, Crypto Rover believes this consolidation phase is nearing its end, hinting at an imminent breakout.&nbsp;</p> 
<p><a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> has witnessed an uptick but continues consolidating, currently trading around $64,700. The market is experiencing a prolonged consolidation phase, with Bitcoin trading sideways for approximately 62 days. Despite the consolidation, Bitcoin is showing bullish signs, with each consolidation phase becoming shorter.</p> 
<p>The cryptocurrency struggles to break above key resistance levels, suggesting a persistent downtrend. Notable resistance lies around the $64.7k mark, with a breakthrough likely triggering a significant upside. If successfully held, Bitcoin is currently retesting a crucial support level, indicating a potential trend reversal.</p> 
<p>He said that Bitcoin recently faced rejection from the downward-sloping resistance line, marking the fourth consecutive rejection. Breaking this downtrend would signify a significant turning point for the market, likely propelling Bitcoin higher. Attention is now focused on this resistance line, with a breakthrough expected to fuel upward momentum.&nbsp;</p> 
<p>Additionally, a notable pattern observed on the 12-hour timeframe is the formation of a substantial falling wedge pattern. A breakout from this pattern could lead to a reversal towards the upside, with a potential price target around $73,000, representing a substantial 15% upside move.&nbsp;</p> 
<p>Funding rates remain negative, indicating low market euphoria and ample liquidity. The impending launch of the <a href="https://coinpedia.org/news/first-day-of-hong-kongs-etf-disappoints-as-bloodbath-continues/" target="_blank" rel="noreferrer noopener">Hong Kong ETF</a> could influence market sentiment, although Bitcoin is currently in a consolidation phase. While there are concerns, such as Bitcoin’s recent break below the daily EMA ribbon and a bearish crossover on the weekly MACD, historical precedents suggest that these signals may not necessarily indicate a prolonged downturn.</p> 
<p>Also Check Out : <a href="https://coinpedia.org/news/what-next-for-bitcoin-btc-and-ethereum-eth-price/">What Next For Bitcoin (BTC) and Ethereum (ETH) Price?</a></p> 
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Here’s When Bitcoin (BTC) Price Will Initiate a Fresh Rally

CoinPedia News

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