- 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
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.
Recommended Content
Editors’ Picks
Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound
Cryptocurrencies sector rose by 0.13% in early European trading on Friday, adding $352 million in aggregate valuation. With BNB, OKB and BGB attracting demand amid intense market volatility, the exchange-based native tokens sector added $1.9 billion.
US SEC may declare XRP a 'commodity' as Ripple settlement talks begins
The US SEC is considering declaring XRP as a commodity in the ongoing settlement talks with Ripple Labs. FOX News reports suggest Ethereum's regulatory status remains a key reference for XRP’s litigation verdict.
Cardano Price Prediction: ADA could hit $0.50 despite high probability of US Fed rate pause
Cardano price stabilized above $0.70 after posting another 5% decline in its 3rd consecutive losing day. Multiple ADA derivatives trading signals are leaning bullish, but the US trade war impact outweighs the positive shift in inflation indices.
Stablecoin regulatory bill receives green light during Banking Committee hearing
The US Senate Banking Committee voted on Thursday to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which aims to establish proper regulations for stablecoin payments in the country.
Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.