What’s the news on Bitcoin?
It’s been a while since I posted an update on Bitcoin. That’s why I thought it was time for a fresh look.
Overall, Bitcoin has spent the past few weeks trading in a clear downtrend, with support levels at $93.5k and $91.5k – $92k.
On the upside, resistance is defined by the downtrend line and the $102k area.
Here’s the interesting part:
Bitcoin is currently approaching the top of a triangle that has formed between downtrend resistance and horizontal support areas.
Given the technical setup and the return of high volume as markets return online, we could see a strong move early next week – either a break above resistance or another test of support. On the downside, I see $87k as the next resistance level.
Therefore, I expect Bitcoin to trade sideways and approach the top over the next few days before volatility returns on Monday