dding to the bullish technical formation, Bitcoin's distribution 'danger zone' has officially ended, according to popular analyst Rekt Capital.
A popular Bitcoin chart formation suggests that Bitcoin's
tickers down
$61,740
price could break out from its current range. However, this week's macroeconomic news could also significantly impact the price. Can Bitcoin break out to the upside?
Is a Bitcoin breakout imminent?
On the four-hour chart, Bitcoin price printed an inverse head and shoulders pattern, a formation used by technical analysts to predict the reversal of a previous downtrend.
Based on the technical formation, Bitcoin could rally to the upside if a break above the trendline occurs, according to a May 13 X post from crypto investor Quinten Francois, who wrote:
