Important Bitcoin takeaways
- Bitcoin flirts with $ 60,000 for a pace move.
- The crypto-currency falls within a classic bullish ‘Ascending Triangle’ pattern.
- Coinbase’s listing on Nasdaq, US inflation data update this week, promises further upside.
Bitcoin has endured significant selling pressure over the past few trading sessions as it tries to close more than $ 60,000.
The flagship cryptocurrency trades $ 1,500 lower than the previous everyday high, near $ 61,778 (data from Coinbase). Despite positive fundamentals, led by Goldman Sachs and Morgan Stanley’s decision to offer bitcoin-enabled investment services to their wealthy clients, BTC / USD bulls remain cautious against a rising US dollar.
As a result, repeated attempts to break over $ 60,000 failed in the follow-up. The new week also begins with Bitcoin trading above the aforementioned psychological resistance level, relying on a confluence of technical and fundamental catalysts to pursue an extensive uptrend.
That rising channel
The first bullish clue for Bitcoin comes from a rising triangle appearing on its daily charts.
Looking back, rising triangles are bullish continuation patterns that appear when an asset fluctuates within a range specified by a horizontal resistance line and a rising trend line. The price tests the top range repeatedly, only to undergo a breakthrough later. The massive upward move takes the price by as much as the maximum triangle height higher.
Bitcoin expects a wild upward move to the new weekly session. Source: BTCUSD on TradingView.com
Bitcoin marks all the boxes when it comes to qualifying for a rising triangle outbreak. The cryptocurrency is now seeing a breakthrough that will take its price up to $ 20,000 north – the maximum distance between the upper and lower trend lines of the Triangle. That shifts the price target to $ 80,000.
Coinbase list, inflation data
The potential of Bitcoin to record a positive outburst is also increasing due to Coinbase’s listing on Nasdaq stock market this Wednesday. The milestone entry on Wall Street by one of the world’s leading crypto-currency companies has sparked speculation among bulls about an extended bitcoin price race.
“Traditional investors who buy Coinbase shares will speculate indirectly on the crypto market, and similarly, crypto traders who own Coinbase shares will have a vested interest in the success of the company,” said James Anderson, CEO of RioDeFi, an interoperable financial ecosystem, said. products.
If this is not a follow-up purchase, Coinbase News expects to make a container out of an average trader. The blockchain analytics platform Glassnode noted the same thing in its recent analysis, noting that an increase in unspent bitcoin units was on wallets holding the cryptocurrency in the long run.
Bitcoin long-term holder net position change. Source: Glassnode
The only problem in the Bitcoin rally expected this week may come from higher-than-expected inflation data.
The volatility of treasury yields could increase if the March consumer price index (CPI) rises higher than usual this Wednesday. In turn, this will increase the attractiveness of holding the US dollar among foreign investors. This should at least limit the demand for Bitcoin on world markets, if it is not completely harmed.
Long-term crypto bulls treat higher inflation than their quest to stay invested in Bitcoin. Many companies, including Tesla, have previously decided to invest in cryptocurrency to protect their balance sheets from devaluation led by a fiat.
Photo by Kurt Cotoaga on Unsplash