Bitcoin price has been tirelessly working to surge beyond $17,000, which has become a new point of control in recent times. After being stagnant for nearly a month, the volatility has marked its bottom and pushed the long-term holders into a deep loss while short-term holders extract small profits. However, in the upcoming week, Bitcoins’s efforts may be materialized as it may record the 2023 highs above $17,000 between $17,120 and $17,215.
The BTC price in the short-term is trading within an ascending triangle, largely considered bullish. The price has been constantly testing the immediate resistance close to $17,000 multiple times and facing constant rejections. However, with a single acute bullish push, the price is expected to break above the resistance. However, as the trade is yet to reach the apex, a pullback within the same triangle could be imminent.
Therefore, the Bitcoin price this week may continue to hover below the crucial resistance at $17,000 and if the bulls get exhausted, an interim pullback below $16,500 is quite possible without extreme bearish pressure.
The Ethereum price, on the other hand, is displaying huge strength compared to Bitcoin and possibly may rise to its desired target at $1300. The ETH price is soaring significantly high with frequent pullbacks which are reducing the possibilities of extreme bearish action. Moreover, the bullish volume also has accumulated to a large extent that may keep up the upswing throughout the weekend.
The ETH price is rising, forming constant bullish flags since the beginning of 2023. Therefore the current pullback may drag the price a little lower which may trigger a notable upswing in the next few hours. With a notable upswing, the Ethereum price may eventually rise back to $1300 anytime in the coming week.