- Bitcoin’s consolidation at $95,900 suggests a potential breakout as it forms a triangle pattern in price action.
- Analysts expect Bitcoin to complete its third wave, with further upward movement likely after the current consolidation.
- Weekend low volume may slow movement, but traders should watch for potential gaps and breakouts when the market reopens.
Bitcoin reached a high of $95,900 on the intraday chart, which has had a positive impact on the market. Following this initial growth, the cryptocurrency has entered a phase of stabilization. In a recent post on X, analyst More Crypto Online stated that the current pullback appears to be a corrective one. He also noted that the price action is in a triangular pattern, indicating that a breakout may occur in the near future.
More Crypto Online classifies the present consolidation as part of a larger wave structure. He pointed out that if Bitcoin is in a C-wave, then it may be in wave 5. The analyst noted that since the market has formed a triangle on the chart, this could indicate that Bitcoin has already moved higher. This suggests that in such a situation, there could be one more wave before the market breaks.
Source: X
Bitcoin’s Upward Momentum Continues
Still, such price fluctuations often depend on the trading sessions, which may be a limitation on weekends. Volumes are generally low over the weekend as it is the norm, unlike in the middle of the week for various reasons, making it hard to tell the direction of the market. However, there are no signs that indicate that the cryptocurrency has attained its long cycle apex in the current cycle. The vast majority of analysts expect further upward movement and claim that Bitcoin is still in the third wave.
Dann Crypto Trades also gave his opinion on the BTC trend heading into the weekend. He also pointed out that Bitcoin began the weekend at its highest level it has been in the past two months which might mean a harder test in the market. This condition makes it likely that a gap up or down will occur once the market opens after the weekend. Traders should look out for any consequent widespread breakouts which may occur as a result of these shifts.
Source: X
Gaps Indicate Market Shifts
The lack of volatility does not exclude the presence of gaps in Bitcoin price action even if the cryptocurrency’s price tends to stabilize on the weekends. This level might be a good indication of the next significant price movement, more so given the likelihood of a break through the current established resistance levels. However, as the week ends, anxiety typically decreases, and as the market opens the next week, analysts are optimistic that there will be an increase in the bidding war.
Bitcoin’s consolidation near the $95,900 mark could be the lead-up to another significant upward move. The open triangle pattern on the chart implies that the price is likely to break out pretty soon. With global liquidity on the rise and the trend pointing upward, it is expected that Bitcoin’s next major movement may be near. This means that traders should be prepared to take action when the markets open, in the event that gaps are present.
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