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The price of Bitcoin has remained largely unchanged over the past 24 hours, showing a slight decrease of 0.03% and trading at $62,040. BTC’s price seems to have found support at the $62,000 level after facing resistance at $66,000.
However, the bulls and bears are exerting equal pressure on the BTC token, keeping it in equilibrium. Both parties are aware of the liquidity around these crucial levels and are waiting for a weakness that might benefit one of them.
After each event of Bitcoin price surge or dip pullback, the BTC price halts and consolidates within the $61,500 and $63,300 for some time. The latest data reveals that the price of Bitcoin might face huge liquidations if it drops below the $62,000 mark. Currently, the bears are pushing hard the BTC price below this crucial support as it trades within the $61,600 mark.
While the prevailing bearish pressure might ultimately reflect a bearish outcome, a bullish rebound is still a possibility. However, Bitcoin price performance is still stuck within a descending triangle as the rally trades closely to the apex. A bearish pullback could be imminent if the bulls fail to hold levels above the interim support zone of $61,727 and $61,834.
Additionally, other factors, such as the US government’s freedom to sell 69,370 BTC, might also impact its price.
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