A technical analysis by 10x Research predicts that bitcoin could soon rally to new record highs of $80,000 after breaking through a so-called triangle resistance.The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Bitcoin could soon rally to new record highs after breaking through a so called triangle resistance.
That's according to a technical analysis by 10 X research Bitcoin shop passed $72,000 this morning, passing through a triangular consolidation pattern identified by a resistance line connecting March 15th and 27th highs and the support line connecting March 20th and April 3rd lows Tenex research founder Marcus Thalen said if the breakout is bullish, Bitcoin could climb above $80,000 during the next few weeks.
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Bitcoin May Rally to $80K on Triangle Break: Technical AnalysisOmkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
Source: CoinDesk - 🏆 291. / 63 Read more »
Bitcoin Remains Below $66,000 as Rallies Are Met with Selling ActionBitcoin remained below $66,000 late in the day during U.S. trading hours Wednesday after a couple of modest rallies were met with quick selling action. At $65,800 at press time, bitcoin was flat over the past 24 hours. Dragged down by 10% declines in bitcoin cash Bitcoin managed two rallies to around the $66,500 level on Wednesday, one move coming a softer than expected report on March growth in the U.S. service industry and another coming after Federal Reserve Chairman Jerome Powell said he continued to expect rate cuts this year despite continued perkiness in both inflation and the economy. Most of bitcoin's rally in 2024 roughly came from mid-February to mid-March. It was during this time that the spot ETFs were regularly adding 5,000-13,000 bitcoin each day, even with sizable selling by Grayscale's GBTC. The action since, however, has seen big sales of bitcoin continuing at GBTC, while purchases into the other ETFs have slowed
Source: CoinDesk - 🏆 291. / 63 Read more »