Crypto Rover, one of the popular analysts of the cryptocurrency world, Bitcoin discussed the current state of price movement. Despite experiencing a slight bounce, the analyst suggests that BTC is in a significant consolidation phase. However, the analyst also pointed out that this consolidation phase is nearing its end and indicates a breakout.
Bitcoin witnessed a rise but was trading around $64,000 at the time of the analyst’s post. The price dropped to $60,000 after a while, presenting a more negative outlook. The market is experiencing a prolonged consolidation phase, with BTC trading sideways for approximately 62 days. Despite the consolidation, there are bullish signs on the charts, with each consolidation phase becoming shorter.
cryptocurrency The unit is struggling to break above key resistance levels, indicating a persistent downtrend. Notable resistance lies near $64.7K, and breaking this level will likely trigger a significant upside. If held successfully, Bitcoin is currently retesting a key support level, indicating a potential trend reversal.
Bitcoin Breaks Resistance Lines
He said Bitcoin was recently rejected from the downslope resistance line, marking the fourth consecutive rejection. A break of this downtrend would mark a major turning point for the market and would likely push BTC higher. Attention is currently focused on this resistance line, and a breakthrough is expected to fuel upward momentum.
Additionally, a notable pattern observed on the 12-hour time frame is the formation of a significant falling wedge pattern. A breakout of this formation could lead to an upside reversal, with the potential price target around $73,000, representing a significant 15% upside move.
Negative funding rates indicate low market enthusiasm and ample liquidity. The upcoming launch of the Hong Kong ETF could impact market sentiment, but Bitcoin is currently in a consolidation phase. While there are concerns such as Bitcoin’s recent move below the daily EMA band and a bearish divergence in the weekly MACD, historical precedents suggest that these signals may not indicate a long-term pullback.
As we reported as Koinfinans.com, since the cryptocurrency market has a very active structure, the drop in price after the analyst published the video may have invalidated this prediction.
