Bitcoin continues to attract investor attention with its resilience to volatility, supported by an ascending trendline and prospects of an 8% breakout.
Impact of the Ascending Trendline on Bitcoin
Bitcoin’s trajectory is influenced by a long-term ascending trendline. After a recent drop to $76,000, the price bounced back above $80,000, indicating strong buying activity.
Ascending Triangle Formation and Potential Breakout
Ali's analysis suggests Bitcoin is nearing an 8% breakout with an ascending triangle formed with horizontal resistance near $83,000. A 7.92% decline hasn’t disrupted this setup.
Strong Buying Interest at Resistance Levels
Bitcoin trades around $82,740, with repeated tests of resistance, indicating consolidation often preceding breakouts. Trendline support and resistance testing suggest growing bullish sentiment.
Sustained demand at higher levels strengthens the bullish case, even as sellers defend key resistance zones.
