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BTC Price Analysis: Nurturing Triangle Breakout

The ongoing recovery started after Bitcoin price collected liquidity from $58,000 support earlier this week. This action coincided with reinforcing a buy signal from the Moving Average Convergence Divergence (MACD).

Although BTC had corrected to exchange at $60,560 at the time of writing, chances were still higher for an ascending triangle breakout. This pattern formed as bulls tried to recover from the flash crash to below $50,000, but an immense supply of $61,500 and $62,000 hindered the uptrend from reaching higher.

The prevailing market conditions generally favor a bullish outcome, which means, with a stronger push, Bitcoin may finally break free to attack the earlier-mentioned range between $64,000 and $66,000. Traders should look for a break above the X-axis for a 13% breakout to $69,700. A stop loss will be placed below the resistance level for risk management.

A previous BTC price prediction shows that Bitcoin is not out of the woods yet, and a swing low to $58,000 support is still on the cards. If the MACD confirms a sell signal, more traders will consider switching to short BTC. An increase in selling volume could see BTC implode below the trend line and support at $58,000, aiming for $56,000.