Although bitcoin has yet to reclaim its March high of over $73,000, it hit a 24-hour high of $70,188. This performance is part of a gradual rise, with bitcoin rising 1.2% over the past week and 2% in the last 24 hours, bringing its current price to $69,211.
Amid this price performance, the cryptocurrency has shown promising fluctuations that suggest a possible rebound in its market value, with evolving trading patterns and analyst forecasts painting a bullish future.
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Breaking resistance: btc eyes big breakout
In the current market environment, bitcoin is approaching a critical resistance level that could set the stage for its next big price move. Cryptoanalyst Ali has twitter.com/ali_charts/status/1797549291944444392?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>he pointed that btc is about to break out of a “symmetrical triangle” pattern on the charts.
This pattern, characterized by two converging trend lines, represents a period of consolidation before the price potentially moves in a more decisive direction. Ali suggests that if bitcoin can maintain a close above the $69,330 resistance level, it could quickly rise to around $74,400.
This move would break the recent static trend and signal the beginning of a more substantial rally.
<blockquote class="twitter-tweet”>
twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#bitcoin It seems to be coming out of a symmetrical triangle! A sustained close above the $69,330 resistance level could send twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>$btc at $74,400. pic.twitter.com/UrZrJqZdrr
—Ali (@ali_charts) twitter.com/ali_charts/status/1797549291944444392?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>June 3, 2024
Adding to the optimistic outlook, analyst TechDev has provided extensive analysis supporting the potential for an unprecedented breakout. His observations are supported by historical data and technical indicators that align with current bitcoin market activity.
According to TechDev, bitcoin is showing a pattern that could indicate a major bullish phase. He notes that historically, bitcoin has experienced significant price increases, known as “burst highs,” which have typically been followed by notable corrections.
However, the current scenario is different. bitcoin did not experience a blowout in 2021, which differs from its historical behavior and suggests a possible more sustained price accumulation.
Imminent reduction in bitcoin supply
In support of these technical analyses, the market is also witnessing major movements in terms of ownership and storage.
Data from Leon Waidmann of btc-ECHO twitter.com/LeonWaidmann/status/1797271463952892124?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>reveals that the percentages of bitcoin and ethereum held on exchanges are at their lowest levels in years, indicating strong holding behavior among investors.
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This decline in foreign exchange balances and continued accumulation by whales suggests that a reduction in supply could be imminent, which could drive prices up as availability decreases.
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Balance exchange for both twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#bitcoin and twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#ethereum They are at their lowest levels in years!
The whales continue to accumulate. twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#btc
Supply shortages are coming.
Get ready for the next big step. pic.twitter.com/u4j13DZBJk
— Leon Waidmann | Information about the chain (@LeonWaidmann) twitter.com/LeonWaidmann/status/1797271463952892124?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>June 2, 2024
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