The price of Bitcoin (BTC) is still struggling to break out above $10,000 following three failed attempts over a 36-day period. Traders remain mixed on the short-term price trend of BTC as macro indicators suggest varying trends.
Many traders believe the price of Bitcoin is primed for a rally above the multiyear resistance level of $10,500, which would confirm the end to a two-year price cycle and the start to a newfound rally. Others foresee the price of Bitcoin falling all the way to the $6,000–$7,000 range in the near term, given the three consecutive rejections of the same range in between $10,000 and $10,500 spanning over a month.