BTC Signs Bullish Pattern Forecasts after Critical Pressure: worries about demand and ETF inflows persisted, and the bitcoin price came under great pressure this week. BTC is sliding below the $65,0000 critical support level and is on course for its second consecutive week in the red.
Now down more than 12% from its all-time high, Bitcoin would seem to be under complete control for the bearish. After the coin fell short of crossing the resistance barrier at $72,000 last week, most spot Bitcoin ETFs have seen withdrawals continuing. Leading with the Fidelity Wise Origin Bitcoin Fund (FBTC), data indicates that all ETFs noted net outflows of $145.9 million.
BTC Signs Bullish Pattern Forecasts after Critical Pressure
Following the Federal Reserve’s aggressive interest rate decision, these outflows picked speed. In it, the bank indicated to one decrease later this year while leaving interest rates unaltered between 5.25% and 5.50%.
After information revealed most Bitcoin mining businesses were selling their coins, Bitcoin price has also dropped. According to data, miners—including big companies like Marathon Digital and Riot Platforms—have been selling their holdings for 33 days running.
Weekly Bitcoin chart
March 2023 saw Bitcoin create a golden cross pattern when the 200-week and 50-week Exponential Moving Averages (EMA) made a bullish crossover. Since then, it has kept above these averages. Most importantly, a common bullish continuation sign, Bitcoin is creating a cup-and-handle pattern. Most likely, the recent consolidation belongs in the shoulder section.
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Consequently, Bitcoin is likely to finally show a positive breakout in the near future. Such a breakout will be verified when the price crosses the year-to-date high of $73,500.
The slight double-top pattern established by Bitcoin at $72,493 poses the primary threat to the bullish thesis. A double-top is among the most bearish indicators available in the market. Bitcoin might thus drop and retest its neckline around $56,678, which is 12.65% below the present level.
Conclusion:
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