The Bitcoin price action last week was characterized by notable fluctuations, underscoring the inherent volatility of the digital asset. Price data indicates that Bitcoin has just completed a retest of the downward sloping trendline that has constrained its price rallies since March.
Analyst EGRAG CRYPTO emphasized the significance of a complete body closure on the weekly timeframe, which could be pivotal in determining Bitcoin’s next price phase and potentially set the stage for a rally into new price territories.
Technical analysis reveals that Bitcoin broke out from a resistance trendline in mid-October. Although this breakout pushed Bitcoin above $68,000 for the first time in three months, subsequent consolidation suggested the rally was not yet fully realized.
Despite a rocky start to the week, Bitcoin rallied impressively in the last three days of October, surging from $66,900 on October 27 to $73,540 by October 29. This notable 10% increase in just two days marked a successful breakout of the resistance trendline.
According to EGRAG CRYPTO, Bitcoin has confirmed a retest phase following the breakout. This breakout, identified on a larger weekly candlestick chart, dates back to February 2024 when the cryptocurrency initially broke above $47,000. The weekly timeframe chart illustrates that the journey to an all-time high of $73,737 on March 14, the correction to a low of $49,800 on August 5, and the recent surge above $73,000 are components of one extensive breakout and retest move spanning 38 weeks.
This series of price movements highlights Bitcoin’s resilience and indicates a prevalent bullish sentiment among traders. EGRAG CRYPTO describes the pattern as super bullish, anticipating the cryptocurrency’s continuation on this uptrend. The analyst forecasts a potential price rise to the $90,000 to $110,000 range by December 2024, representing gains of 32% to 62% from the $68,000 breakout. EGRAG CRYPTO also mentioned that the final confirmation of this bullish run would be a weekly close in the green zone.
At the time of writing, Bitcoin is trading at $68,500, down approximately 1.9% over the past 24 hours. Despite this minor pullback, the overall bullish sentiment surrounding Bitcoin remains undeterred.
