Last day Bitcoin fell 1,40% to $95,600, down nearly 15% from this year's high. Spot bitcoin ETF also faced a massive withdrawal of funds. However, technical analysis shows that the flagship cryptocurrency is expected to experience a sharp rise.
Technical patterns on the Bitcoin chart indicate that kriptovalyuta may start to grow after the consolidation phase is over. The key factor is that in recent weeks Bitcoin held steadily above the key support level at $90,560.
In addition, the flagship kriptovalyuta still remains above the 50-week and 100-week moving averages - historically considered a bullish signal when analyzing a trend.
BTC has also formed a cup and handle pattern with an upper resistance level at $68,720. The depth of this pattern is approximately 78%, indicating a potential bounce above $122,000.
The Bitcoin chart also formed a bullish “flag” pattern, which is characterized by a long vertical rally followed by consolidation. These technical indicators point to a strong bullish breakout in the long term. As one analyst suggested, BTC is headed for a rally to $148,000.
