Bitcoin (BTC), the largest cryptocurrency in the market, is currently trading sideways after showing signs of recovery in the wake of the Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase.
Although BTC managed to briefly recover the $27,000 level on Tuesday, it has failed to consolidate above it and is now stuck in a narrow range between $26,300 and $26,600 over the last 24 hours.
The question on everyone’s mind now is whether Bitcoin will be able to regain its bullish momentum or if it will test its 200-day Moving Average (MA) at $25,200 once again.
Bitcoin Pattern Points To Further Bullish Momentum
Bitcoin traders and investors have reason to be optimistic, as the cryptocurrency appears to be forming a bullish butterfly pattern. According to technical analysis expert Mags, this harmonic reversal pattern is a strong indication of further potential upward movement for Bitcoin.
Related Reading: UK Financial Conduct Authority Clamps Down on Crypto Marketi
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