Is Bitcoin Gearing Up for a Breakout? On-Chain Signals Say ‘Watch This Level’
Bitcoin continues to trade below its recent all-time high as selling pressure and macroeconomic developments keep the asset in consolidation. At the time of writing, BTC is priced at $104,835, down 2.1% over the past week and around 6.3% off from its peak of $111,814 recorded last month. Despite the broader trend, on-chain data reveals emerging patterns that may signal what could come next in the market. Following the Federal Reserve’s decision to keep interest rates unchanged in its latest policy meeting, analysts have noted diverging trends in Bitcoin’s price and derivatives market....
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Bitcoin price is consolidating inside a symmetrical triangle formation, possibly gearing up for a strong breakout. Bitcoin Price Key Highlights. Bitcoin price has formed lower highs and higher lows, creating a symmetrical triangle pattern visible on its short-term chart. Price is currently testing support and might be due for a bounce back to the resistance. Technical indicators are giving mixed signals, although a downside break seems possible. Technical Indicators Signals. The 100 SMA just crossed below the longer-term 200 SMA to indicate that the path of least resistance is to the....
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Bitcoin price is still stuck inside the triangle consolidation pattern but might be gearing up for a breakout soon. Bitcoin Price Key Highlights. Bitcoin price has formed lower highs and found support around $730, creating a descending triangle pattern. Price just bounced off support and might be ready for a test of resistance at $750-755. Technical indicators seem to be hinting that the resistance would hold, although a breakout is possible with this week’s event risks. Technical Indicators Signals. The 100 SMA is below the longer-term 200 SMA so the path of least resistance is still to....