Bitcoin Price Finally Breaks from a 6-Week Bear Pattern, What’s Next?
BeInCrypto
Bitcoin broke a six-week bear pattern, supported by ETF inflows, as whales resumed accumulation despite miner selling pressure.Summary
Bitcoin's price surged into the new year, breaking free from a six-week descending wedge pattern, driven by renewed optimism and strong spot ETF inflows, even amidst geopolitical tensions. Large holders, or whales, have reversed a recent selling trend, accumulating about 10,000 BTC in the last 24 hours, signaling confidence. However, miner selling has increased sharply as they realize profits, which could temper immediate upside momentum. For the breakout to be confirmed, Bitcoin needs to secure $92,031 as support and reclaim key resistance levels like the 50-day EMA ($91,554) and the 365-day EMA ($97,403) to potentially move above $100,000. Short-term risks remain tied to global market reactions to geopolitical events.
(Source：BeInCrypto)