Bitcoin Tests Crucial Resistance, Bulls Eye All-Time High
Bitcoin is currently flirting with a crucial resistance level around $123,450, marking its third attempt since July. This has raised concerns about a potential triple top pattern, a bearish signal. Meanwhile, the overall trend remains positive, bolstered by strong institutional demand and robust on-chain metrics.
Bitcoin's price today hovers near $123,810, buoyed by surging trading volume and institutional demand. The cryptocurrency has formed a clear cup-and-handle pattern on the 1-hour chart, signaling bullish momentum. This pattern, when supported by rising trading volume, has a 60-70% success rate in trending markets. If Bitcoin breaks above the $123,450-$124,000 range, it could retest its all-time high. However, a rejection at this level might trigger a pullback, providing lower entry points for long-term investors.
Today, Bitcoin has gained 3.15%, adding nearly $3,800 in value and pushing its market cap higher. Trading volume surged above $76 billion, indicating increased investor activity.
Bitcoin's price is at a critical juncture, with a breakout potentially leading to new highs, and a rejection offering opportunities for long-term investors. Despite the uncertainty, the overall trend remains constructive, supported by institutional buying and strong on-chain metrics. As for @PeloSwing, a Twitter analyst, no specific information is available about their current observations on Bitcoin price ratios.
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