- BTC traded in a symmetrical triangle pattern that could trigger a major breakout to the upside.
- Market sentiment also suggests that there is room for Bitcoin to rise even further and possibly reach $71,000.
Bitcoin last month [BTC] has increased by 7.87%, showing steady growth. On a weekly basis, the price is up 8.97%, while the daily gain is 0.18%. These numbers indicate a gradual but consistent uptrend, reinforcing the current bullish outlook.
AMBCrypto has analyzed the potential for this rally and the factors that will influence BTC’s price movement.
BTC is bullish but needs to overcome resistance
Bitcoin, at the time of writing, was trading within a one-hour symmetrical triangle, oscillating between converging support and resistance lines. This pattern indicates a bullish accumulation phase, indicating potential upside momentum.
For this rally to materialize, BTC needs to break the $68,420 resistance level. This level becomes a new support and is important for sustaining further upward movement.
If BTC successfully breaks this resistance, the next big target will be $69,000, where the channel peak lies.
Source: trading view
Conversely, if this breakout does not occur, BTC may continue to show bullish trends but remain in an accumulation phase until stronger buying momentum develops.
BTC’s accumulation phase has been confirmed
Market interest in Bitcoin has increased dramatically, as evidenced by the Accumulation/Distribution (A/D) indicator and the Relative Strength Index (RSI).
The A/D indicator, which monitors liquidity flow, shows that investors are currently accumulating BTC in anticipation of significant upward movement. This indicates strong buying interest among market participants.
Similarly, the RSI has also shown an uptrend, gaining momentum above the neutral zone with a current reading of 57.27. This suggests that BTC is likely to continue rising higher, potentially delivering higher returns for long-term traders and holders.
Source: trading view
This upside momentum is expected to continue towards a short-term target of $69,000, after which a reevaluation of future targets will be conducted based on market momentum.
Long-term bullish outlook
On the daily time frame, BTC remains bullish as it approaches the peak of the symmetrical pattern it was trading in.
Read Bitcoin (BTC) price prediction 2024-25
The first target for BTC from current levels is expected to be $70,079.99, where the channel’s peak is located. The second target is set at $71,979.00, where a notable liquidity cluster is found.
Source: trading view
If the current numbers remain in the bulls’ favor, it is only a matter of time before BTC reaches these new targets.