Bitcoin Price Analysis: BTC/USD big bullish pennant eyed subject to an extended breakout to the outside

Bitcoin price on Wednesday is trading in minor positive territory in the latter part of the day.
BTC/USD price action has formed bullish pennant pattern, as seen via the 4-hour view.

Ken Chigbo Independent Analyst

Bitcoin price in the latter of trading on Wednesday is up a minor 0.70%, as the price holds steady somewhat ahead of next further committed north. BTC/USD price behaviour is shaping up to continue its current trend north.

BTC/USD price action has formed a bullish pennant pattern via the 4-hour chart view, subject to an extended move to the upside, should the bulls capitalize on this. The price is clearly back within a near-term uptrend, as momentum is back with the bulls this week.

Near-term resistance should be noted at; $3950, the upper acting trend line of the above-detailed pennant pattern. A breach north could open the doors to a fast move well into the $4000 territory. The bulls must then try to break down supply which runs through the $4000 price region, ahead of the big $5000 mark.

BTC/USD 4-hour chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

Cardano: Under pressure as bearish derivatives cap recovery

Cardano remains under pressure, trading lower at $0.165 on Monday after mild losses in the previous week. Weakening derivatives metrics and subdued momentum indicators suggest that ADA's upside move remains limited, keeping downside risks in focus. Derivatives data for Cardano shows bearish sentiment among traders.

Bitcoin holds firm at $65,000 – AAVE and ONDO gain traction

The broader cryptocurrency market risk-off sentiment eases as the US and Iran extend the pause in missile strikes, while Oman holds peace talks. Bitcoin holds firm above $65,000 on Monday, while DeFi tokens, including Aave and Ondo, emerge as top performers over the last 24 hours.

Bitcoin extends winning streak, Ethereum clears key hurdle, XRP steadies

Bitcoin, Ethereum and Ripple begin the week on a firm footing after surging over 1%, 4% and 1%, respectively, in the previous week. BTC holds above key technical resistance after recording its fourth consecutive weekly gain.

World Foundation raises over $52M in token sale as World Network marks third anniversary

World Foundation, the nonprofit organization behind World Network, has raised $52.5 million through a strategic sale of its WLD token as the project marks three years since its mainnet launch. The funding round was led by Pantera Capital and included participation from Bain Capital Crypto, Eightco Holdings, Selini Capital, Susquehanna Crypto and other investors.

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.