Bitcoin Price Analysis: Bitcoin, the largest cryptocurrency market cap, witnessed notable downturn pressure this week, tumbling its value from $67000 to $62845 to register 6.3%. This selling pressure could be linked to the renewed geopolitical tension in the Middle East and the recent negative outflow in BTC ETFs. However, the falling price is heading to crucial support which has prevented a major correction in BTC since early March. Should you Enter this dip?
Also Read: Bitcoin ‘Sell’ Calls on the Rise Amid Trader FUD and Impatience, What’s Next?
Pennant Pattern Breakout May Lead the Next Recovery
Bitcoin Price Analysis:| Tradingview
For the past two months, the Bitcoin price has been trading sideways, resonating between two converging trendlines in the daily chart. These trendlines acting as narrowing resistance and support reveal the formation of a pennant pattern.
In theory, this technical pattern guides a temporary consolidation before the asset continues on a prevailing upt
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