Bitcoin seems to be writhing within a classic symmetrical triangle pattern, indicating a major move is imminent. With the price narrowing between its highs and lows, traders are now closely watching to see which side will break first.

The market is currently in a cautiously neutral state, with a slight downward bias due to weak momentum. However, history suggests that prolonged consolidation within the triangle often leads to sharp breakouts, either upwards or downwards.

Momentum and Indicators

Below the price chart, the Relative Strength Index (RSI) is settling at 42.5, moving below the neutral level of 50. This indicates weak but stable momentum, with no clear bullish divergence so far. A rise in the RSI above the 50 level would enhance the likelihood of an upward move.