Crypto analyst Crypto Rover recently discussed the current state of Bitcoin’s price action, suggesting that while the cryptocurrency has experienced a slight bounce, it remains within a significant consolidation phase. However, Crypto Rover believes this consolidation phase is nearing its end, hinting at an imminent breakout.
Bitcoin has witnessed an uptick but continues consolidating, currently trading around $64,700. The market is experiencing a prolonged consolidation phase, with Bitcoin trading sideways for approximately 62 days. Despite the consolidation, Bitcoin is showing bullish signs, with each consolidation phase becoming shorter.
The cryptocurrency struggles to break above key resistance levels, suggesting a persistent downtrend. Notable resistance lies around the $64.7k mark, with a breakthrough likely triggering a significant upside. If successfully held, Bitcoin is currently retesting a crucial support level, indicating a potential trend reversal.
He said that Bitcoin recently faced rejection from the downward-sloping resistance line, marking the fourth consecutive rejection. Breaking this downtrend would signify a significant turning point for the market, likely propelling Bitcoin higher. Attention is now focused on this resistance line, with a breakthrough expected to fuel upward momentum.
Additionally, a notable pattern observed on the 12-hour timeframe is the formation of a substantial falling wedge pattern. A breakout from this pattern could lead to a reversal towards the upside, with a potential price target around $73,000, representing a substantial 15% upside move.
Funding rates remain negative, indicating low market euphoria and ample liquidity. The impending launch of the Hong Kong ETF could influence market sentiment, although Bitcoin is currently in a consolidation phase. While there are concerns, such as Bitcoin’s recent break below the daily EMA ribbon and a bearish crossover on the weekly MACD, historical precedents suggest that these signals may not necessarily indicate a prolonged downturn.
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