- An ascending triangle pattern has formed in Bitcoin’s price action since March 17.
- Bitcoin is up 1.71% in the last 24 hours.
With a 70% increase this year, Bitcoin (BTC) has reached its highest price in nine months, substantially over $29,000. While the derivatives market has been revitalized by the recent upswing, total leverage use is still modest, indicating a minimal probability of “liquidations-induced” severe price movements.
For almost three weeks, the Bitcoin price has been particularly consolidative as it has traded between two significant levels. BTC has no idea where it wants to go from here, despite its strong performance in Q1 2023. Yet things may shift this week, leading to a change in course.
In addition, an ascending triangle pattern has formed in Bitcoin’s price action since March 17. The trend lines connecting the higher lows and equal highs make up this technical pattern.
Optimistic View is Reasonable
The price of Bitcoin might break out in one of two ways. In the first, Bitcoin turns the $28,520 barrier into a support floor, which then pushes the price to $30,707. The alternative scenario involves Bitcoin’s price sweeping the tangent of the triangle at $27,660 to hit the sell-stop liquidity.
Capitulation will come in the form of both early bulls being liquidated and bears being trapped by this strategy. Following such a rush of funds, the leading cryptocurrency is expected to continue rising and break over the $28,520 resistance, which would open the door to a move to $30,707.
The optimistic view for Bitcoin price is reasonable, but it may not materialize until the consolidation lasts for a fourth week. According to CMC, the Bitcoin price today is $28,379.69 USD with a 24-hour trading volume of $12,325,942,392 USD. Bitcoin is up 1.71% in the last 24 hours.