Bitcoin (BTC) Poised for Potential Upswing Following Key Technical Indicator
- Bitcoin’s price could see an upward trend, according to a recent analysis by crypto expert Matthew Hyland.
- The expert points to a technical formation known as the inverse head and shoulders pattern, suggesting a potential bullish trend.
- If Bitcoin breaches the $67,500 resistance level, a market reversal could take place as early as next month.
Bitcoin may be poised for a rebound, with a potential market reversal on the horizon, according to a recent analysis by crypto expert Matthew Hyland.
Understanding the Market Indicator
The inverse head and shoulders pattern is a reliable indicator of a potential bullish reversal. This pattern is observed when the price of Bitcoin forms three troughs, with the central trough (head) being the deepest and the two side troughs (shoulders) being shallower. The completion of this pattern occurs if Bitcoin’s price can rise past the ‘neckline’, a resistance point which currently stands near $67,500.
Current Market Dynamics
Bitcoin’s price has shown modest recovery from a recent low of $58,614 on May 1st to $63,350, according to CoinMarketCap. If the bullish pattern holds true, further support could be found around the $60,000 mark, aligning with the pattern’s right shoulder. CoinGlass data indicates that a sustained rise or drop around these levels could trigger significant market movements, including the liquidation of approximately $530 million in futures long positions.
Key Insights for Investors
- If Bitcoin’s price sustains above $59,500, the likelihood of continuing the upw... Read the full article for FREE at COINOTAG!
