The price of Bitcoin (BTC) has finally surpassed the long-awaited level of $64,000. However, bears quickly intervened and brought the price back below this level. The current consolidation is considered to be part of the accumulation process after the halving. Typically, a breakthrough occurs 170 days after the halving, and prices reach their peak 480 days later. Currently, 152 days have passed since the halving. Therefore, the belief is that the rise has not yet begun and there will be an increase in liquidity with the U.S. elections. There is an expectation that the price of BTC will make a strong breakthrough from the current model.

Is Bear Pressure Continuing for Bitcoin?

The Bitcoin price has not yet fully overcome the influence of bears. When the price rose above 64,000 dollars, the bears immediately stepped in and created significant selling pressure. Currently, the price has fallen below 63,000 dollars. This situation increases fears that the price may fall below 60,000 dollars. However, the situation is not that simple.

According to Coinglass data, the BTC Puell Multiple indicator is giving positive signals. Approaching the green zone, the indicator shows that BTC price is quite low and could recover soon. This indicator presents an analysis based on miner revenues. If the indicator reaches the red zone, miners may shut down their devices, which could reduce the hash rate. However, entering the green zone currently means a accumulation opportunity for investors.

Is Bitcoin Forming a New Bearish Formation?

The daily chart of Bitcoin shows that the price is trapped in a descending trend. While the latest move has pushed the price above the local resistance, the bulls are weakening as they approach the descending trend line. This situation raises the possibility of the price forming a new lower peak.

With the daily candle turning bearish, the dominance of bears is becoming evident once again. However, despite this downward trend, Bitcoin is still trading within a bull flag formation in a broader perspective. A breakout from this formation could trigger a rise that could surpass the $100,000 level.

Bull Flag Formation and Possible Breakout

BTC continues to trade in a bull flag formation. This formation usually indicates a major uptrend. If the price breaks upward from this pattern, it could trigger a significant rally that potentially reaches the $100,000 level.

However, the short-term pressure from bears still remains valid. While the uncertainty of whether the price will rise or not persists, investors are closely monitoring developments. In summary, the Bitcoin price may be on the verge of a major rally, but whether it will happen or not will become clear in the next few days.

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