There has been barely any movement from the cryptocurrency market. Bitcoin which sets the pace for the wider market has stalled. This has been collaborated by dropping fundamentals. Daily trading volume has dropped fast in the last few days. Additionally, Bitcoin’s dominance has in the last few days dropped below 70%. This is a position the asset has predominantly stayed above.
Since peaking at the $13K position, Bitcoin has not been able to climb back above this position again. The lack of momentum since has rattled a few investors. But, a majority remain optimistic that Bitcoin will rally again and retest these highs.
Bitcoin Is About To Make A Massive Move
One key signal is collaborating this belief. Bitcoin is currently trading in a triangle pattern. Historically, this has been followed by a massive move. Unfortunately, it has not always been a positive move. Bitcoin was in this position late last year and saw Bitcoin rapidly drop from $6K to $3K after breaking downwards. On the other hand, earlier this year, the triangle pattern formed while Bitcoin was trading around $4K. Then, the asset broke upwards and surged by more than 20% to surge to $5K. This momentum would later see it climb to as high as $8K before finally slowing down approaching the $10K position.
Given how volatile and unpredictable Bitcoin can be, there no sure way to know which direction it will take this time. However, many traders and analysts believe that it remains bullish and will head up.
In the coming weeks, Bitcoin will be headed up. One key resistance for the asset right now is the $11K position. Once this is broken, Bitcoin can move further up and climb above $12K before blowing up to recent highs. Before all-time highs of $20K can be reached, the bulls will need to dig in a bit more and push the asset above key short term resistances.
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