I was going through Bitcoin last 3 bull markets to see the reaction when price broke previous all time high and found that $BTC Current price action at All time high ($69k) is totally different from the previous bull markets. Let me show you how.
Lets go back to the previous Bitcoin bull markets.
Bitcoin 2013 Bull market
And this is what happened when price broke that high. Straight up 👇
Bitcoin 2017 Bull market
in 2017 BTC bull market price consolidated under 2013 ATH and once it had a breakout we see it started to move up non stop like it did in 2013 bull market.
Bitcoin 2017 Bull market high
#Bitcoin Did the same in 2020-2021 bull market, Price consolidated for 2-3 weeks under 2017 ATH and then we a similar move it had in 2013 and 2017 bull market
Now Let me show you what Bitcoin is doing right now
Bitcoin made a high of $69k in 2021
In current bull market bitcoin is getting continuous rejections from the previous All time high and spending so much time around the highs which is definitely something different than we saw in previous bull markets outlook.
Based on my trading experience a legit breakout doesn't take this much time. Once price breaks a key level its just keeps going up like we see in above bull market charts, There was no stop.
When price doesn't provide continuation after breaking a key level it usually ends up a failed break.
Where will you get confirmation of a failed break?
You somehow have some early indications looking at how price is failing to sustain above previous ATH $69k level. But somehow we have a weekly range here on weekly chart.
Following the technical Analysis Bitcoin is ranging between $60k-72k zone. As long as price is within this range we can consider that Bitcoin is consolidating at the previous ATH.
But just in case weekly chart drops under $59200 level and holds below it, I think Bitcoin will go for a Deep dive down. We will discuss the price targets once it happened.
I hope you understand what i tried to show you here, we are witnessing a different bull market ATH breakout than previous breaks. Lets see where it ends. Holding The weekly range low will be a key for bulls.
Keep Learning :)
