#Bitcoin price has been on a rollercoaster ride in recent weeks
Analysts Point to #Bullish Signs, highlighting a bullish indicator known as the “cup and handle” formation on Bitcoin's weekly chart.
The “cup and handle” formation is a technical pattern used by traders to identify potential reversals or trend continuations.
Historically, breakouts above the handle and cup rim have led to significant price rallies. If buyers push the price above the current resistance levels, particularly at $66,000 and $72,000, the breakout could be explosive, potentially propelling Bitcoin to new highs above $73,800.
Miner Capitulation Looms
Despite the optimistic outlook, there are concerns about declining on-chain activity, particularly regarding Bitcoin transaction fees. After a brief spike on Halving Day, transaction fees have been steadily declining, currently standing at $3.206 compared to over $128 in April.
This decline in transaction fees is impacting miners, who are now facing reduced revenue. With lower margins post-Halving, miners may be compelled to sell some of their $BTC to cover costs. Increased selling pressure from miners in the secondary market could drive prices lower, counteracting the bullish momentum.
