Bitcoin price prepares for a sweep of $29,700 again before…

ambcrypto.com:

Bitcoin’s price is hovering inside a range that indicates that some sort of stability is back in the markets. However, this might not be for long as BTC is looking to sweep the lows on a macro time frame and on a lower time frame. Until these events transpire, the chances of an uptrend are highly unlikely.

Bitcoin price on the 1-hour chart shows a range formation, extending from $29,700 to $32,652. This development indicates that the buyers and sellers are equally matched. Moreover, rangebound movements are easy to predict and trade.

The asset usually sweeps one of the extremes which is followed by a recovery above/below that range. After a successful recovery, the asset targets the range’s other extreme for a sweep.

With Bitcoin price, the range low at $29,700 is likely to be swept first, which will be followed by a rally toward the range high at $32,652.

Therefore, interested scalpers can take advantage of this incoming price move from BTC.

Source: TradingView, BTC/USDT 1-hour chart

Further supporting this uptrend is Bitcoin’s price action from a higher time of 1-day. BTC has set up two distinctive lower lows on 22 January and 11 May, while the relative strength index has created higher lows, revealing a divergence.

This technical formation is referred to as the bullish divergence and is often followed by a spike in the asset’s price. Therefore, interested investors have a double confirmation signal that the Bitcoin price is ready for a quick run-up.

Source: TradingView, BTC/USDT 1-day chart

While the technicals are printing a bullish signal without a doubt, this development comes at a time when the market and its participants are filled with massive uncertainty and fear. To add to their woes, the wallets holding between 10,000