June 20 (Cointime) - Bitcoin has seen a 15% decline from its yearly peak due to regulatory actions against Coinbase and Binance crypto exchanges, as well as the Federal Reserve's hawkish forward guidance. Nonetheless, Bitcoin is still up 60% year-to-date and is holding above a technical support level of $25,000.
Analysts believe that a new bull cycle may begin as a result of the upcoming Bitcoin halving in April 2024, BlackRock's Bitcoin ETF application, and Bitcoin's increasing dominance in the crypto market. Technical analysis also suggests the possibility of a bull cycle with the formation of a bull flag pattern and an inverse-head-and-shoulders pattern. The BTC/USD weekly price chart reveals an IH&S pattern, which is a bullish reversal pattern with three troughs under a common neckline resistance.
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