Here are the important steps to follow before the end of Aries September.

A recent change in market dynamics may soon be witnessed by new money flowing into the space. As the price of Bitcoin hit a new monthly high of $64,000, the shorts activated, believing that the bulls could not sustain the gains. With this, about 21 billion dollars of shorts have been accumulated and BTC price can go out if it moves above a certain range.

Is Bitcoin price poised to hit $70,000, reversing September?

The main reason for bullish expectations is the one mentioned above, the lower range is around $66,000. Secondly, the rally starts a big run 170 to 180 days after the Halving event and we are now at 155 days. However, as the price is stuck in a bearish descending channel, the bearish potential is making big rounds as the price fails to confirm a rise from the bearish influence.

What to expect from the Bitcoin price rally in the coming week?

The coming weekend is expected to be crucial as the BTC price remains stuck in a range. The price is piling up near $63,000 as the volume decreases. StoachRSI, MACD is about to undergo a light retracement as it prepares for a bearish reversal, confirming the claim that BTC price is critical this weekend.

Therefore, in the short-term, BTC price may return to the resistance zone around $64,500 and rise to $65,000 following an extended bullish move. However, the bulls don't seem strong as the bears keep a tight grip on these levels. Therefore, the upcoming monthly close could be very important as the last increase above $65,000 lays the groundwork for a big advance in October.

Otherwise, the price of Bitcoin may continue to strengthen for the first few days, followed by a minor break in strength.