• Bitcoin price shows a tightening of its three-week rangebound movement.
  • An ascending triangle forecasts a 7.6% upswing to $30,707.
  • A four-hour candlestick close or a decisive breakdown of the $26,662 support level will invalidate the bullish thesis for BTC.

Bitcoin price has been highly consolidative for more than three weeks as it trades between two key levels. Despite the stellar performance of Q1 2023, BTC remains clueless about where it wants to head next. But things could change this week and result in a directional move soon. 

Read more: Bitcoin Weekly Forecast: Breaking down key BTC levels to accumulate for Q2, 2023

Bitcoin price and its next move

Bitcoin price has been consolidating since March 17 in the form of an ascending triangle. This technical formation contains higher lows and equal highs connected via trend lines. The setup forecasts a 7.6% upswing, obtained by adding the distance between the first swing high and swing low to the breakout point. 

There are two ways for a breakout to occur for Bitcoin price. The first one is where BTC flips the $28,520 hurdle into a support floor, triggering a move to $30,707.

The second option is where Bitcoin price sweeps the triangle’s hypotenuse at $27,660 to collect the sell-stop liquidity. This move will liquidate early bulls and trap bears, creating a perfect mix of capitulation. After such a liquidity run, BTC is likely to head higher and flip the $28,520 hurdle to trigger a move to $30,707.

BTC/USDT 4-hour chart

BTC/USDT 4-hour chart

While the bullish outlook is logical for Bitcoin price, it might only come if the consolidation continues for a fourth week. On the other hand, BTC might dismiss the ascending triangle scenario and deviate below the previous week’s low at $27,166. 

The worst-case scenario would occur if Bitcoin price produces a four-hour candlestick close below the $26,662 support level. This development will invalidate the bullish thesis for BTC and potentially trigger a nosedive into the three-day breaker, extending from $25,200 to $23,827, which is a long-term play as detailed in a previous post


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Bitcoin trades above $62,500 on Monday, sustains above key support as head of US SEC enforcement division says Howey test applies to cryptos. Ethereum and XRP trade above key support, extending gains by nearly 3% on the day. 

More Cryptocurrencies News

Ripple whales buy hundreds of millions of XRP tokens as the altcoin rallies

Ripple whales buy hundreds of millions of XRP tokens as the altcoin rallies

Ripple (XRP) noted the highest weekly gains in 2024 over the weekend as XRP holders celebrated the one-year anniversary of Judge Torres’ ruling in the SEC vs. Ripple lawsuit. XRP rallied to a peak of $0.5661 on Saturday, July 13. 

More Ripple News

Bitcoin surges past $60,000 as ETFs report $1.04 billion inflows last week

Bitcoin surges past $60,000 as ETFs report $1.04 billion inflows last week

Bitcoin breached above the descending trendline on Sunday and trades 3.5% up at $62,924 at the time of writing on Monday. On-chain data indicates a decrease in miners' selling activity, complemented by US spot Bitcoin ETFs recording $1.047 billion in inflows last week. 

More Bitcoin News

JasmyCoin price surges following partnership with NOWPayments

JasmyCoin price surges following partnership with NOWPayments

JasmyCoin price breaks above a descending channel, signaling a break in market structure from bearish to bullish. NOWPayments announces its partnership with JASMY in Japan. JASMY featured in a Forbes article for coins outperformed Bitcoin in the first half of 2024.

More Cryptocurrencies News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.

Read full analysis

BTC

ETH

XRP