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- An ascending triangle formation has emerged in Bitcoin’s price movement since March 17.
- Bitcoin has increased by 1.71% over the past 24 hours.
With a 70% rise this year, Bitcoin (BTC) has achieved its highest value in nine months, significantly surpassing $29,000. While the recent surge has revitalized the derivatives market, the overall leverage utilization remains low, suggesting a limited likelihood of severe price fluctuations caused by liquidations.
For nearly three weeks, Bitcoin’s price has been notably consolidative, oscillating between two key levels. Despite its robust performance in Q1 2023, BTC remains uncertain about its next direction. However, developments this week could lead to a shift in trajectory.
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Moreover, an ascending triangle pattern has been established in Bitcoin’s price action since March 17. This technical formation consists of trend lines that connect the higher lows and equal highs.
Optimistic Perspective is Justifiable
The price of Bitcoin could potentially break out in one of two scenarios. In the first scenario, Bitcoin transforms the $28,520 resistance into a support level, subsequently driving the price up to $30,707. The second scenario involves Bitcoin’s price touching the triangle’s tangent at $27,660 to access the sell-stop liquidity.
Capitulation will manifest through the liquidation of early bulls and the entrapment of bears due to this strategy. Following such an influx of capital, the leading cryptocurrency is anticipated to continue its upward trajectory and surpass the $28,520 resistance, paving the way for a move towards $30,707.
The optimistic perspective regarding Bitcoin’s price is justifiable, although it may not come to fruition until the consolidation extends into a fourth week. As per CMC, the current Bitcoin price is $28,379.69 USD, with a 24-hour trading volume of $12,325,942,392 USD. Bitcoin has risen by 1.71% in the last 24 hours.
