The markets are slowly turning from neutral to greedy as the top cryptos are strengthening against the USD and USDT. Bitcoin bulls also appear to have relaxed as the rally remains consolidated within a narrow range. As the price holds firmly above the gains of around $34,000, the marker analysts are pretty bullish on Bitcoin and perceive the target around $40,000 in the next few weeks.
After a massive rise, the weekend is approaching, which triggers the volatility rate as a significant influx of volume is expected. What next? Will the BTC price regain $35,000 during the weekend or continue with the same consolidation?
Breaking through the resistance level of $32,000, which was an important one, has led to an impressive price rise not seen over the past few months. The range between $30,000 and $32,000 is expected to serve as strong support levels until the price heads towards the higher targets at $40,000.
In the coming days, the BTC price is primed to experience some pullbacks, fueled by the PCE, or Personal Consumption Expenditure rates announced by the US Bureau of Economic Analysis (BEA). This data is a key measure of inflation by the Federal Reserve and is expected to increase during this period. This may strengthen the bears, who may mount significant selling pressure, causing the price to undergo a pullback to reach $31,500.
If the BTC price fails to sustain at these support levels, then the descending trend is expected to continue towards the next support zone around $29,500. As the token reaches the liquidity zone, a massive rebound could be triggered that may not only assist the Bitcoin price to regain lost levels but also form new yearly highs at $36,000 initially and later at $38,000.