The next major move that can break the resistance is subject to a major fundamental announcement else the price will continue to range within $3700+ having been in that range for long until the recent rumoured ETF approval leaked out before the price rally upward I believe the same scenario will repeat itself in an upcoming positive announcement.
There are plenty of reasons for bitcoin price to test again $4200 levels again but I still could not figure out why it suddenly fell down on last Sunday up to $3800 levels in less than 5 hours of trading. But, the good news is the range of bitcoin's movement has improved a bit. The next range would be up to $4700 levels and then bitcoin may stay above $4000 levels afterward.
I assume bears have lost their dominance and at the same time bulls not yet gaining the full strength. It is usually take more time for bulls to get into action in full pledged. But, we can be relaxed in mean time as bears are getting out of scenes slowly.
It's quite possible that the market had a correction so it fell to $3800 again. Even while it's no longer bearish as before, we may not be entering a bull stage as early as now. It may be a while before we break throung $4700 and experience steady levels above $4K. There's still some resistance as we can see that the price still falls. I just bet that many are happy with how the price levels are right now as they are anticipating for a bull run soon. Even without an upcoming
positive announcement, we can expect a difference in the price trend now.
true but also we may be entering a new bull market since all the signs of it are there.
we have the high volume specially on OTC markets with lots of buys taking place and we also have the strong resistance that has been all over the $3k range making it tough to go any lower. and also we saw the first signs of reversal with the rise to $4200 which was pretty positive and the correction of it was also natural showing the healthy market moving forward.