Bitcoin Higher Low Achieved: Is the Rally About to Resume?

After a bit of a scare as the Bitcoin price fell back to $64,600, probably reflecting the poor sentiment in the U.S. stock market, the rally that started at the beginning of July looks to have resumed. A higher high above $67K is the initial target for this bounce. Do the bulls have what it takes?

Bounce takes place - higher high next?

Source: TradingView

The 4-hour time frame chart reveals that it was a shorter term trendline from which the $BTC price eventually bounced. Be that as it may, the bounce did happen, and as long as the price can confirm above the key $65,600 resistance, no harm will have been done.

The next step for the bulls is to push the price to a higher high of just under $67K for this current wave of price action, and then a little bit further to $67,250 to take out the main higher high that was put in back in mid-June.

On the other hand, if this current small upswing loses momentum, the price could end up back inside the ascending channel, and a fakeout could be the end result for all the effort put in by the bulls. A move back to the bull market trendline could then be the target for the bears.

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