Price Analysis View Non-AMP

Bitcoin Forms a Bullish Pattern : Will BTC Break Through Soon?

Published by
Vijay Gir

The largest cryptocurrency has been moving in such a way that gives the idea of an upcoming “cup and handle” pattern. After falling to $60,000 from a height of $66,000, bitcoin retested this support level twice before actually starting to rise. Currently trading at $62,071 is up by 1.03% in the last 24 hours however down by 5.72% in the last seven days. Let’s explore its next possible movement.

Analyzing Bitcoin Chart

The hourly BTC chart is suggesting the completion of a cup and handle pattern within the next few hours. This pattern when completed represents a bullish trend. The current market conditions are favoring this formation. The RSI indicator is also taking a systematic rise and has reached 55 points from 16 on October 2.

The daily chart on the other hand shows that the 20 daily moving average is acting as a resistance and not allowing the price to pass above $62,000. Bitcoin has been trying to surpass this moving average for the last 4 days and failed every time. The bullish pattern in the hourly chart can help break free of this resistance and move towards the next zone resistance.

Other Market Metrics

The liquidation data shows that in the last 24 hours the short traders have been liquidated. A combined volume of $126.90 million. In the past 24 hours a total of 42,637 traders were liquidated. The BTC long/short ratio lies at 1.3052 suggesting a rise in bullish sentiment among traders.

Data from IntoTheBlocks, shows that at current Bitcoin price, around 83% of the investors are in the profit, while 12% people are still in the loss. These investors purchase BTc at a price between $62,564 and $72,500. Whales wallets are not selling their assets that means they are confident in the price rise. A number of whale wallets have withdrawn their bitcoin out of the market that means they are waiting for an upwards movement.

Looking Ahead

All the market metrics are pointing towards an upcoming price surge however, there might be some corrections. Most of the bull markets have started around the month of October in the past. The current rise in Bitcoin can be the start of its walk towards a new all time high, however there might be a chance of a trap. Traders are advised to stay alert.

Vijay Gir

Vijay Gir is a Certified Blockchain Expert with over 8 years of experience in the blockchain industry. He has a deep passion for sharing his knowledge of blockchain, cryptocurrency, and web3 technologies. For the past 7 years, Vijay has been dedicated to writing about these transformative topics, helping others stay informed and understand the evolving landscape of decentralized technologies.

Recent Posts

Forget the Shiba Inu (SHIB) Noise: These 4 Tokens Are the True Millionaire-Makers in 2025

As Shiba Inu (SHIB) noise fills the market again, analysts recommend shifting attention to other…

July 9, 2025

Japanese Firms Remixpoint Joins Bitcoin Treasury With $215M Buy Plan

Bitcoin is quickly becoming the go-to treasury asset for more companies around the world. Japanese…

July 9, 2025

Is 0% Crypto Tax Coming? Everything About the U.S. House Hearing

The U.S. House is all set to hold a hearing today to explore how tax…

July 9, 2025

Dubai Signs Deal With Crypto.com – Pay for Flights and Shopping in Crypto

Dubai, already a top destination for business travelers, is embracing crypto in a big way.…

July 9, 2025

[100X Global Shareholders Summit and Grand Exchange Launch] Concludes Successfully!

Over 300 Guests Witness the Exchange Going Live, with AI Trading System Unveiled! On June…

July 9, 2025

Hyperbitcoinization Begins? Why Corporations Are Racing to Drain Bitcoin Supply

Could corporations trigger the end of fiat currency? Crypto analyst Adam Livingston thinks so, and…

July 9, 2025