Bitcoin shows signs of recovery, ascending triangle pattern may break through $61,000 resistance
Bitcoin has partially pulled back after a sharp rally, but it shows an underlying uptrend. The price has formed an ascending triangle pattern, which is generally seen as a bullish sign. Despite some resistance near $61,000, the price has moved higher, indicating that buyers are still actively engaged.
The direction of Bitcoin in the coming days will likely depend on Chairman Powell's speech at Jackson Hole. If his comments are dovish, it may boost demand for Bitcoin and help it break through the $61,000 resistance level.
From a technical perspective, if Bitcoin successfully breaks through $62,000, it is expected to rise further to $63,800 and retest the $62,000 EMA level. If this key support is successfully defended, it is expected to hit the $70,000-73,000 resistance area in the future.
On the contrary, if Bitcoin fails to break through $62,000, the support near $60,000 will become crucial. A loss of this level could trigger a new round of selling, pushing the price down to $57,700 or even $53,000.
Overall, Bitcoin is at a critical technical turning point, and the future trend will largely depend on the performance of key support levels. Pay close attention to these level changes and seize investment opportunities.
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