Bitcoin (BTC) recently attempted to break out of a symmetrical triangle on the 1-hour chart but failed to sustain its upward momentum. After hitting $87,470, strong selling pressure forced a pullback, bringing BTC down to $83,877, where it is now testing the $83,650 support level. This retracement has placed BTC back inside the symmetrical triangle, signaling a crucial moment for traders and investors.
If selling pressure continues to dominate, BTC could decline further to retest the lower boundary of the symmetrical triangle. This level may serve as a strong support zone where buyers could step in to regain control. However, if bears manage to break below the triangle, BTC may drop toward the $77,000 support level, where a new wave of buying pressure might emerge.
A successful rebound from this level could send BTC back to challenge the $84,000 resistance. If bullish momentum strengthens, BTC could push beyond the $87,000 barrier, leading to another breakout from the symmetrical triangle and setting the stage for a rally toward $90,000 and beyond.
If BTC successfully clears the $90,000 resistance, it could confirm a strong uptrend, potentially driving the price even higher. This scenario would be a major bullish signal, offering significant profit opportunities for traders and investors.
However, if BTC fails to hold key support levels, it could face extended bearish pressure, keeping the price in consolidation.
Bitcoin’s next major move hinges on how it reacts at crucial support and resistance levels. Traders and investors should stay alert, as a breakout or breakdown from the symmetrical triangle will likely determine BTC’s short-term and long-term trajectory.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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