After hitting the yearly high of $53,000, bitcoin is either accumulating below this level ready for the next leg up, or it is slowly rolling over to descend to better buy-in zones.
Bitcoin continues to be bought by the spot bitcoin funds, and this is helping to keep the price fairly buoyant. However, could this buying slacken off as those who wanted to test the bitcoin ETF waters have mostly done so, and are the rest of the institutions now waiting for lower prices before they get in?
Bull flag or rollover?
Source: Coingecko/Trading View
What is apparent, is that bitcoin is slowly rolling over, forming lower highs and lower lows as it goes. Of course, this is also the behaviour for the formation of a bull flag, and bitcoin does rather look like it is currently in one. The test will be whether the price holds at $50,000 and returns to the upside, or whether a breakdown occurs, and sparks a more substantial price fall.
Excellent buying opportunities await below
Source: Coing
We współpracy z: https://cryptodaily.co.uk/2024/02/uncertainty-grips-bitcoin-traders
