Bitcoin (BTC) Attempts Break Above Bullish Pattern as Buying Pressure Gains

• Bitcoin has formed an ascending triangle, signaling increased buying pressure despite facing resistance at $61,845.

• BTC's rising CMF and OBV suggest the potential for a continued uptrend as buying pressure keeps strengthening.

• A bearish taker-buy-sell ratio in BTC's derivatives market could counteract gains, risking a drop to $58,464.

Bitcoin Seeks to Break Above Resistance

An ascending triangle is a bullish chart pattern that forms when an asset’s price moves between a flat horizontal resistance line and a rising support line. This pattern signals growing buying pressure while selling activity remains concentrated at a specific price level. As demand increases, the price edges closer to breaking the resistance.

For Bitcoin, the key resistance level within this pattern is $61,845. Currently trading at $60,940, BTC is attempting to break above this resistance, indicating that buyers may soon overcome selling pressure, potentially pushing the price higher.

The Chaikin Money Flow (CMF) indicator supports this outlook. With a reading of 0.01, the CMF has moved above the zero line for the first time since August 13, reflecting increasing capital inflows that strengthen the bullish momentum.

This indicator measures the flow of money into and out of an asset. When its value is above zero, it signals liquidity entry into the market and a spike in buying activity. Traders often view it as a precursor to a price rally. 

Additionally, BTC’s on-balance volume (OBV) has risen steadily since the ascending triangle began. This indicator measures buying and selling pressure in an asset’s market.

When it increases, it indicates that buying pressure outweighs selling activity, hinting at a bullish recovery.

BTC Price Prediction: Futures Traders Tread a Different Path

While BTC enjoys a growing bullish bias in its spot market, its derivatives market traders have adopted a bearish approach. This is evident in the coin’s taker-buy-sell ratio (assessed using a 14-day simple.