Bitcoin (BTC) Breaks Pattern: Is a New Bull Leg Starting?
- Bitcoin forms price gaps for six straight weekends, showing rising off-hours market volatility.
- Weekend moves often reverse midweek, making weekday sessions key for trend confirmation.
- BTC remains bullish above $79,657, with breakout potential toward $94,000 if $88,000 is cleared.
After a long time of speculations, Bitcoin (BTC) trading activities have been recording high volatility over the weekend. The continuous six weekends in a row have shown that BTC has formed a certain price gap, which may indicate increased investor activity. Others assess that while these weekend surges grab the attention of the market, these tend to move in the opposite direction in the subsequent days.
Daan Crypto Trades mentioned that it is not rare to observe such a pattern with weekend moves. Nevertheless, these patterns of movement have been reversing early in the subsequent week as much as short-term movements have been thrilling. He noted that it is dangerous to focus on just weekend price action, especially if the moves carry forward to Monday or Tuesday.
Source: X
Bitcoin Support Levels Hold Key
This behaviour remains consistent and paints a picture of how the market outlook has changed over time by having traders respond loudly during off-peak periods to certain headlines and news. In the same way, Bitcoin is trying to sustain several key support levels that could provide the foundation for a more significant move if the rate is maintained through the week.
In support of this bulls argument, More Crypto Online pointed out that Bitcoins breakout above Wednesdays high invalidates a bearish impulsive wave. However, a corrective wave (4) is still possible, but it is gradually becoming less probable, as per the price movement seen here.
Source: X
He also pointed out that although that is far from clear in the short term, a more bullish setup could be in the offing. While the BTC/USD price is trading above the technical level of $79,657, the medium-term outlook will remain bullish. It is considered the level that, once breached, could lead towards achieving the target of $94,000.
Momentum Builds Toward $94K
Now traders are concentrating on how Bitcoin behaves at the various time segments of a day. While the fluctuation is prominent only on the weekends, traders should be evaluated during normal trading days when price movements are much more consistent. A bullish breakout above $88,000 will most probably spur the bulls towards $94,000.
Long-term coin holders are starting to accumulate more of the coin, and funding rates have stabilized. Although the situation is still considered somewhat risky, the pattern for further activity has started to develop. Whether Bitcoin is set to start a new up leg will depend on the stability of this momentum.
Read more: https://www.tronweekly.com/bitcoin-btc-breaks-pattern-is-a-new-bull-leg/
Text source: TronWeekly
