Bitcoin’s price has surged 25% from its low of $53,400 as noted by crypto analyst Captain Faibik. Moreover, BTC is approaching a crucial resistance level at $70K. This movement comes as Bitcoin consolidates within a key pattern on the daily timeframe chart. The analyst suggests that breaking that resistance could trigger a bullish rally.
$BTC is consolidating in a Descending Broadening Wedge pattern on the daily timeframe chart.Bitcoin has recovered 25% since the 53.4k low and is now heading towards the Crucial Resistance level (70k).Mega bulls' party will start once we break the 70k Resistance.#Crypto… pic.twitter.com/ZJgUqoqwbe
— Captain Faibik (@CryptoFaibik) July 21, 2024
Bitcoin Price Analysis Reveals Consolidation Pattern
Captain Faibik’s analysis highlights Bitcoin’s price action within a Descending Broadening Wedge. This pattern is characterized by two diverging trendlines, with the upper line sloping downward and the lower line descending at a gentler angle. Such patterns often indicate a period of consolidation before a potential breakout.
The lower trendline of the wedge pattern has acted as a strong support level. Bitcoin bounced off this support at approximately $53,400, showing resilience. Meanwhile, the upper trendline, near $70K, highlights a resistance level that Bitcoin is facing.
25% Recovery Signals Bullish Momentum
Captain Faibik notes in his tweet, “$BTC is consolidating in a Descending Broadening Wedge pattern on the daily timeframe chart. Bitcoin has recovered 25% since the 53.4k low and is now heading towards the Crucial Resistance level (70k).”
This impressive recovery showcases the strong buying interest in Bitcoin. The 25% climb from the recent low reflects renewed confidence among investors and traders. Moreover, it positions Bitcoin for a potential test of the crucial $70,000 resistance level.
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Show more +Show less – The ‘Mega Bulls’ Party’ Awaits
Captain Faibik’s analysis suggests that a breakout above $70,000 could unleash significant bullish momentum. He states, “Mega bulls’ party will start once we break the 70k Resistance.” This implies that surpassing this key level could trigger substantial buying pressure and potentially lead to new all-time highs.
The term “Mega bulls’ party” indicates the analyst’s belief in a possible explosive upward movement. Breaking above $70,000 would not only represent a psychological milestone but also signal a defeat of the current consolidation pattern.
Read also: Crypto Trader Predicts Where Is the Solana Price Headed Next – SOL ‘Eyes’ $1000
Investor Accumulation Amid Bullish Perception
Data from blockchain analytics platform Lookonchain reveals Bitcoin accumulation by an investor. Their analysis shows that a single “smart money” wallet purchased 213.78 BTC, valued at approximately $14.48 million, just 9 hours before the report.
The smart money bought 213.78 $BTC($14.48M) again 9 hours ago!He has bought 677 $BTC($45.6M) in the past 4 days.https://t.co/dOPKLO9Irg pic.twitter.com/tZXJ6H6bBn
— Lookonchain (@lookonchain) July 21, 2024
This latest acquisition is part of a larger accumulation trend, with the same wallet acquiring a total of 677 BTC, worth about $45.6 million, over the past four days. Such substantial buying activity aligns with the broader bullish sentiment and could contribute to the upward pressure on Bitcoin’s price.
Implications for Bitcoin’s Future
The current price action and technical analysis present an intriguing scenario for Bitcoin. A successful breach of the $70,000 resistance could validate the bullish case.
Bitcoin’s recent 25% recovery and approach towards the $70,000 resistance level have been notable. Besides, Captain Faibik’s analysis points to a potentially bullish outcome.
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