Bullish Reversal Pattern Signals Potential Jump for BTC
The sustained Bitcoin price above the 38.2% Fibonacci retracement level indicates a positive trend. Additionally, the breakout from the inverted head and shoulder pattern presents a long opportunity for pullback traders. The intraday trading volume has seen a 25% gain, reaching $19.6 billion.
Bitcoin Resurfaces Above $40K Mark, Pointing to Bullish Trend
With the slowdown in the outflow of the Grayscale Bitcoin trust, Bitcoin has surpassed the critical $40K mark and shows signs of a bullish trend. Starting the week with an 11% weekly growth, it is currently trading at $43,030. The coin’s price has experienced a quick turnaround in market sentiment supported by price action in shorter time frames. The breakout rally from the inverted head and shoulders pattern suggests a significant leap forward.
Rising Inflow in Alternative Spot ETFs Boosts Bitcoin Price
The increasing inflow in alternative Spot ETFs like BlackRock’s or Fidelity’s strengthens Bitcoin’s price outlook for February.
To confirm this upward movement, sideline traders can wait for the neckline breakout rally to surpass the 50% retracement level at $43,560. This breakout will signal a potential bull run as it breaks through the overhead supply ceiling.
Can Bitcoin Price Reach $49,000 Again?
Following the bullish breakout of the inverted head and shoulder pattern, buyers anticipate a strong trend for Bitcoin. The post-breakout rally could target a 10% surge to reach the $47,000 mark and potentially rechallenge the swing high of $49,000.
- Exponential Moving Average (4-hour): The recent jump above crucial EMAs (20, 50, 100, and 200) provides additional support for buyers in sustaining the currency recovery.
- Moving Average Directional Index (daily): A bullish crossover between the MACD and signal line indicates a shift in short-term sentiment towards bullishness.
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Hot Take: Bitcoin’s Bullish Reversal Pattern Sets the Stage for a Potential Jump
Bitcoin has shown a solid bullish outlook, surpassing last week’s high and signaling a potential push in the market. The sustainability of Bitcoin’s price above the 38.2% Fibonacci retracement level suggests a positive trend. The breakout from the inverted head and shoulder pattern presents an opportunity for pullback traders. With rising inflow in alternative Spot ETFs and positive market sentiments, Bitcoin is poised for a strong bullish trend. Traders can look for confirmation through the neckline breakout rally and anticipate a potential surge to $49,000.
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