#VietnamCryptoPolicy Bitcoin’s current cycle is performing similarly to past ones despite a much larger market cap, per Glassnode.BTC/USDT ANALYSIS
Bitcoin is currently consolidating within a descending triangle pattern and is trading below the 21MA, which is acting as a resistance barrier above the price action.
A breakout above the 21MA and the triangle's resistance trendline would signal the start of a bullish trend, while a breakdown below the support trendline of the pattern would likely lead to further downward movement.Bitcoin experienced a significant drop due to the news about the war in Iran. The price tested a lower support level and then rebounded from that point. We'll have to monitor how the situation in the war unfolds in the coming days. If the price breaks below $103,000, it could fall to the support area between $100,000 and $101,000.
