BTC Soars Above Triangle Resistance, Aiming for $75,000
CryptoNewsTerminal Staff31 May, 2024
BTC Soars Above Triangle Resistance, Aiming for $75,000
Bitcoin (BTC) is showing signs of a bullish breakout after breaking above the resistance of a symmetrical triangle consolidation pattern. The ascending trendline connecting the May swing lows has acted as support, and a breakout above the triangle's resistance could push BTC toward $75,000 in June. The resistance confluence formed by the triangle resistance and the ascending trendline from May sits at around $69,000. A breakout above this level could trigger a surge in buying pressure, as traders look to capitalize on the bullish momentum. The resumption of inflows into Bitcoin spot exchange-traded funds (ETFs) suggests renewed buying pressure from institutional investors. On-chain data also shows signs of renewed accumulation by long-term holders. This indicates that investors are confident in Bitcoin's long-term prospects and are willing to accumulate at current levels. The U.S. Securities and Exchange Commission (SEC) is expected to rule on a spot Ether (ETH) ETF by the end of June. A positive ruling could have positive implications for spot Bitcoin ETFs and broader market sentiment.
