Bitcoin (BTC) set for short-term price move as interesting pattern emerges BTC $BTC
The inverse Head and Shoulders Pattern is believed to suggest a bearish-to-bullish trend reversal, which might also indicate that a downward trend is about to come to an end.
This pattern appears when the price drops to lows before rising; the price falls below the previous low and then rises again and, finally, the price falls again but not as far as the lows reached in the second instance. Once a bottom low is established, the price moves upward toward the resistance found near the top of the previous lows.
On Tuesday, Bitcoin found it difficult to maintain a brief ascent beyond $27,000 as the positive impact of BlackRock Inc.'s application to launch a U.S. exchange-traded fund trading in the cryptocurrency started to fade. On June 15, BlackRock submitted an application to the Securities and Exchange Commission for a spot Bitcoin ETF.
At one point, the biggest digital asset reached intraday highs of $27,173 but then pared the gain to trade at $26,830 as of press time.Volatility, volume and realized prices continue to be at multi-year lows, according to on-chain analytics companyVolatility, volumes, and realized values are at multi-year lows, indicating that Bitcoin investor apathy is firmly in play.
However, under the surface, HODLers continue their classic slow and steady accumulation, with the halving now less than 1yr away.
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