Market Analysis by Investing.com (Günay Caymaz) covering: BTC/USD, ETH/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Bitcoin shows signs of recovery after a sharp drop, forming a potentially bullish ascending triangle pattern.For less than $8 a month, InvestingPro's Fair Value tool helps you find which stocks to hold and which to dump at the click of a buttonis partially recovering after a sharp drop earlier this month.
The ascending triangle pattern that Bitcoin has formed on its daily chart is generally seen as a bullish setup. When the price meets resistance at a clear level and still attracts buyers at higher levels, it’s often a sign that a breakout could be imminent. In a bullish scenario, if Bitcoin pushes above the $62,000 mark, we could see a swift rise to $63,800, followed by a potential retest of the EMA value at $62,000.
If selling pressure returns and Bitcoin drops below $60,000, the risk of a new wave of selling will rise. A potential breakout could push BTC down to the $57,700 level, and possibly further to the $53,000 region. If Ethereum loses its support around $2,500, selling could accelerate, potentially pushing the price down to the $2,000-$2,100 range.
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