Bitcoin

Bitcoin(BTC) Price Rising High, But Be Careful, An Eye-Catching Breakdown May Also Follow

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Dec 1, 2021

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Highlights

    Bitcoin price after retesting local lows and consolidating for a while surged yet again above $58K levels

    The longer the BTC price coils within the channel, the more explosive the further action could be, whether a breakout or a breakdown

Bitcoin price after a notable spike a couple of days before, consolidated within a narrow range. Despite the sideways trend, yet the star crypto maintained above $56,000 successfully. On the other hand, the Fear & Greed Index was also switching from being neutral towards Fear.

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The asset was trending below $54,000 after almost 45 days and this was when the bulls jumped in to uplift the price above $57,000. However, the BTC price consolidated for a couple of days before the spiking high. Currently, the asset is yet again attempting to set up a strong uptrend yet after a small accumulation. The bulls appeared to have just entered the ring and may uplift the price beyond $60K. Here, the bulls could again enter and carry the price to the next levels as said by analyst, Micheal de van Poppe. 

While the price is keeping on coiling more, the breakout is also expected to be more intense. The HTF of the Bitcoin price is extremely bullish as the asset is ranging high ever since the beginning of an uptrend in 2019. Despite acute sell-offs or crashes, the asset is still swinging within the rising channel. Moreover, maintained the trend along with the lower support levels and bounced whenever it touched these levels. 

The asset is swinging with the rising channel, yet both the resistance and support lines are getting contracted indicating a rising wedge. The outcome of this pattern is usually bearish as the asset tends to drop, reaching the apex of the channel. However, in a higher time frame BTC price, no doubt appears bearish, yet has a lot of room to coil up as it’s pretty far from the apex. 

Collectively, Bitcoin price seems to be extremely bullish in the higher time frame. And hence, if the asset experiences a substantial dump also would not hinder the rally. Moreover, as soon as the BTC price settles after a massive leg up, the altseason may soon follow to intensify. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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