Bitcoin Price Analysis: Bullish Cup-and-Handle Formation and Pot

6 thg 12, 2024

The chart displays Bitcoin (BTC) against the U.S. Dollar (USD) on a daily time frame, showing its price movement from 2021 to 2025. Key highlights include a significant upward trend that peaked near $104,000, followed by consolidation and potential breakout patterns. The cup-and-handle formation is evident, marked by a rounded bottom (the "cup") and a smaller pullback or consolidation (the "handle"), signaling a bullish outlook. This pattern suggests that BTC could see a strong upward move if it breaks the resistance level marked by the blue dashed line, which is crucial for confirming the breakout. The "Expected Target" on the chart implies BTC could surpass $100,000 and test new highs if the bullish momentum continues. Support and resistance levels, indicated by the blue and red lines, are essential for guiding future price movement, with past bounces off the red line showing its role as support. Additionally, volume analysis at the bottom reveals buying and selling pressure, with increased volume during potential breakouts suggesting strong investor interest and sustainability of the upward trend.