Bitcoin price update: BTC/USD grinds towards two distinct breakout patterns

  • Bitcoin price lethargic recovery momentum continues as buyers seek a formidable bottom.
  • Whether it is the falling wedge pattern or triangle pattern, BTC is in for some end of their bullish magic.

Bitcoin continues with the support shuttering movements on Friday last week. However, the weekend session experienced shallow recovery across the board. Bitcoin posted minor gains above $8,500. The prevailing trend is generally bearish with BTC trading at $8,448 after correction from $8,502 (intraday high).

A couple of technical patterns breakouts are in the offing. The falling wedge pattern is still seeking a bottom to assist in boosting a rally above $9,000. Meanwhile, a wide symmetrical triangle pattern is also approaching a breakout. Whichever among the two patterns breaks out the first, BTC will be getting ready for that end of the year rally magic.

For now, the technical picture is inclined to the negative. The MACD is under the mean line and its sideways movement suggests that sideways trading will prevailing in the coming sessions on Monday.

BTX/USD 4-hour chart

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD weekend action brushes shoulders with $7,600

Cryptocurrencies stagnated within familiar levels over the weekend. Bitcoin action impressively jumped above the resistance levels at $7,400 and $7,500. The upward leg jumped above $7,600 before forming a high at $7,638.

More Bitcoin News

ETH/USD held above $145 as recovery stalls in the $150’s range

Ethereum price action over the weekend was largely lethargic. The recovery is from the recent slump towards $130 has not been able to rise above $160. Ethereum closed he trading on Friday at $149.

More Ethereum News

Cryptocurrency market update: Bitcoin stabilizes above $7,500, Ethereum and Ripple flex bullish muscles

Cryptocurrencies, led by the top three assets Bitcoin Ethereum and Ripple remained within key levels over the weekend. The drab action seems to have crossed into the new week where the Asian session continues to be characterized by shrinking volatility and little to no upside action.

More Cryptocurrencies News

Tezos towers the weekend session testing $1.70 crucial hurdle

Tezos was arguably the best performing crypto in the weekend session. After closing the session on Friday at $1.38, the bullish action majestically surged over 30% to brush shoulders with $1.61. Both the trading volume and the market cap corrected higher, where XTZ crossed the $1 billion hurdle. 

More Tezos news


Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast