Bitcoin – is breakout closer than we thought?
Contrary to the investors’ hopes, Bitcoin’s bullish strength turned out to remain bearish. The first cryptocurrency retraced almost all of its gains after breaking past the $67,000 resistance point on May 20. It extended upwards to $71,900, but fell to test $67k again on May 23.
Nevertheless, the 1-day chart reveals a bullish perspective for Bitcoin, revealing a distinct bullish triangle.
A close above the triangle will suggest that the uncertainty turned tables in the bulls' advantage. Bitcoin may eventually attempt a rally to the strong overhead resistance at $73,777.
If the bears take over, BTC may see a possible drop to the critical support at $59,600.
Still, data from Santiment reveals that the Bitcoin ETF inflows have been positive lately, hinting at the bullish impact on BTC.
