Bitcoin’s price remained stable over the weekend, showing little volatility. The market stayed flat, with prices trading in a narrow range. Although there was some downward pressure, it was not significant enough to cause any major shifts.
Speculation has arisen among experts about a possible triangle pattern forming in Bitcoin’s current trend, but it is too early to confirm. Triangles are uncommon in the market, and it’s uncertain if this pattern will materialize.
Bearish Update:
Currently, the market is focused on a correction phase following Bitcoin’s peak in May. The price has been retracing since then and is anticipated to potentially drop further before finding strong support. Critical levels to monitor are between $99,200 and $92,800, with a possibility of dipping as low as $81,340, a crucial support level. A breach below this level could signify the end of the bullish trend.
Bullish Update:
Conversely, if Bitcoin maintains levels above this range, the long-term outlook remains optimistic. Following the correction, Bitcoin could aim for $130,000, and under favorable market conditions, it may surge higher, possibly reaching $190,000.
In the short term, Bitcoin is currently holding above minor support levels. It is anticipated to experience a slight rebound or trade sideways before a potential decline. A surpassing of $108,822 could indicate a short-term bullish turn, but as of now, no clear signals suggest this shift.
In conclusion, Bitcoin is still undergoing a correction phase without a confirmed breakout or breakdown. The overall uptrend remains intact as long as key support levels are maintained.
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