*Bitcoin Market Update 🧧
$BTC
1. Bitcoin has finally broken above the yellow trendline it had been struggling to surpass for a while 📈.
2. Although it’s still within a descending channel since the halving (marked by the purple line), it appears to be attempting a move toward the upper boundary of the channel again 📊.
3. There were expectations of a further dip, but the fact that it moved above the trendline is highly positive 👍.
4. While the U.S. stock market is showing a slightly different trajectory, Bitcoin is moving upwards alongside a 50bp rate cut from the Fed 💸.
5. Recently, Bitcoin has been moving in tandem with Nasdaq, but for now, it’s essential to watch the channel retest 📉.
The channel retest is expected around 64K, and Bitcoin is currently hovering around 62.2K 📌.
6. If Bitcoin breaks above the channel, we could be looking at a move towards 74K again, although it’s still a bit far off 🚀.
7.As seen before (like the rally on the left side of the chart), Bitcoin tends to make sudden upward moves. Be prepared for rapid changes 📈.
8. Missing this phase could mean losing out on significant profits, so keep this in mind! 💡
Good luck to all crypto investors! 🍀