Bitcoin Recoils to $95K, But Classic Chart Pattern Projects 18% Gains
Bitcoin consolidated near $95K, but technical analysis suggests an ascending triangle pattern targets a potential 18% rise to $113,200.Summary
Bitcoin's price consolidated around $95,000, trading 9.5% above its January 1 opening, as traders watched for a break above the key resistance at $98,000, which is the short-term holder (STH) cost basis. Analysts suggest that reclaiming this level would signal renewed momentum. Furthermore, the price is bouncing off a multi-year trendline support that historically preceded strong rallies, such as the 172% surge after the October 2023 bounce. Technically, the BTC/USD pair is forming an ascending triangle on the daily chart, with a measured target of $113,200, provided bulls overcome the resistance zone between $96,000 and $99,500. The Relative Strength Index (RSI) is currently strong but not overbought, indicating room for further upward movement.
(Source：Cointelegraph)