The price of Bitcoin has formed a symmetrical triangle, implying a breakout is imminent. Resistance is at $100,000, while support is around $94,000.
Bitcoin's Symmetrical Triangle and Its Significance
Analyst Rekt Capital highlights Bitcoin trading within a symmetrical triangle on the weekly timeframe, with the price hovering around $97,751.07, maintaining a series of higher lows. A breakout could dictate the next major move. The price recently rejected from resistance and support multiple times, indicating strong consolidation. A breakout above $100,000 could trigger bullish momentum toward $110,000, whereas a decline below $94,000 might pull Bitcoin down to $90,000. Volume increase is crucial for the breakout direction confirmation.
Short-Term Trends Indicate Bullishness
Crypto Analyst Crypto Express shows Bitcoin's price breaking out of a symmetrical triangle in the 4-hour timeframe. The price climbed above the upper trendline, indicating potential bullish continuation. Bitcoin is attempting to break through the Ichimoku Cloud, with the 21-day moving average providing support. Before the breakout, price movements showed consolidation within narrowing trendlines. Buyers gained control gradually, leading to a decisive breakout candle.
Price Movement Potential and Key Levels
Bitcoin currently trades at $98,266.66, with a daily increase of 0.68%. The highest recorded price in the session is $98,300.00, and the lowest is $97,558.99. Overcoming resistance could align with psychological price levels or previous highs. A failed breakout may prompt a retest of the broken trendline.
Bitcoin's breakout from the symmetrical triangle might lead to significant price changes. A successful breakout above $100,000 creates potential for a move to $110,000, whereas a slide below $94,000 could enhance the downward trend.
