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Bitcoin has recently been trading within a symmetrical triangle formation. This formation is characterized by a narrowing price range and increasing compression, where the price moves within a certain range. The upper and lower boundaries of the triangle are important levels that determine potential breakout points. Currently, Bitcoin’s price is trading below its 100-day moving average. This moving average has historically represented a resistance level, and if the price continues to stay below this level, it signals that seller pressure may increase.

Bitcoin (BTC) is currently going through an important phase in terms of technical analysis. The ascending triangle formation shows that Bitcoin’s recent price movements have been organized in this way. This formation is generally considered a structure that signals the continuation of a trend. In this formation, Bitcoin’s price is stuck between a horizontal upper limit and an upward-sloping lower limit.

Bitcoin is currently trading above its 100-day Moving Average (MA). This provides a significant support area for short-term price action. Moving averages are often used to determine the direction of an asset’s trend and help identify support/resistance levels. The 100-day MA is acting as a critical support level for Bitcoin in this process.

The total cryptocurrency market cap is currently in a consolidation period within a bull flag pattern. This technical formation is defined as price action moving sideways within a narrow range and usually indicates a continuation of the current trend. However, certain technical levels need to be monitored for this pattern to be effective.

In the current situation, price action is trading below the Ichimoku Cloud. The Ichimoku Cloud is an important technical analysis tool used to determine support and resistance levels in the market. A market stuck below the cloud indicates that the current price is likely to remain below these levels. Therefore, without a break above this level, the market cannot be expected to complete the bull flag formation and develop an upward trend.