Recently, news about US President Donald Trump sacking US Fed chair Jerome Powell has sent bullish ripples across the crypto industry, with top assets, including Bitcoin and Ethereum, trading in the green zone. According to CoinScribblers analyst, the Bitcoin price chart on the higher timeframe indicates that the bulls are gearing to regain control of the market. But bitcoin is yet to cross its previous high around the $89,000 level.
For the bulls to gain control, they must push Bitcoin price past a major high around the $95,000 mark. However, we expect the bears to put up a fight around the $94,000 resistance level to push Bitcoin’s price downwards. Further, there is a minor bearish order block around the $90,000-$95,0000 mark,, with bears waiting to snatch control and push Bitcoin price downwards. If the bulls successfully break past this bearish zone of rejection and resistance wall, then we expect Bitcoin to surge past the $100,000 mark.
On the other hand, if the bulls fail to conquer the bearish block and break through the major resistance, then we expect the bears to step in and push its price below the $75,0000 mark, where there is a massive bullish order block with buyers waiting to push its price upward. Meanwhile, an analysis of the Bitcoin price chart in the lower time frame also supports the bullish thesis, indicating that Bitcoin is still within sight of the massive bearish order block and will likely break past its previous high. According to asset tracker Coingecko, Bitcoin has broken past the $88,000 mark, suggesting that the bulls are still gathering momentum to push Bitcoin price past the resistance wall to the major high.
