Bitcoin (BTC) price is at a very critical point in its history right now. The past few weeks have forced even the most bearish analysts to flip bullish as the leading digital asset continued to make new yearly highs every week. However, the bulls are now losing momentum after repeated rejections from the 38,000–38,500 zone.
If bulls overcome the supply that lies in the above-mentioned zone, the outlook on the most valuable digital asset will flip even more bullish. In this regard, the price action in the coming weeks will be very crucial as analysts expect a major move before the holiday season.
On Thursday, Bitcoin price is trading at $37,641 during its New York session after a bounce from this Monday’s highs. Bulls continue to have the upper hand as no major shift in the market structure has been observed so far despite a rejection from $38,450 earlier this week.
You don’t have to learn advanced TA to understand the current price action of Bitcoin. The price is currently respecting two different ranges on the high and low timeframes. These are the weekly range of $36,707-$37,592 and the global range of $34,800-$38,000.
It is clear that the Bitcoin price prediction depends on the reclaim of the $38,000 resistance. Until then, there would always be a chance of a deeper correction to capture more liquidity.