Bitcoin, the chief crypto asset, is presently going through a price consolidation phase. As per the market data, the top cryptocurrency is reportedly making a Descending Widening Wedge Pattern that mostly indicates a likely trend reversal. The respective pattern takes into account a series of minor lows and minor highs. This widening pattern suggests expansion in volatility as well as uncertainty among the asset traders. At the moment, Bitcoin is changing hands at $67,000.
Bitcoin Descending Widening Wedge Pattern Leads to a 25% Recovery
During recent weeks, the prominent crypto coin has displayed a noteworthy resilience. In this respect, it has made a 25% recovery from the recent low level of up to $53.4k. The respective rebound points toward a solid buying interest. In addition to this, it also denotes a potential shift in the overall market sentiment to a bullish outlook. The present price action currently moves toward the critical resistance spot at $70k.
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The respective price level implies a chief technical and psychological barrier. However, the market participants are highly anticipating that Bitcoin will surpass this resistance level. Such a development could indicate the commencement of a massive bullish phase. The market has tested this level multiple times and it has operated as a difficult upper limit for the price of Bitcoin.
The Chief Crypto Records 2 Consecutive Green Weeks
The effective breakout from this level would potentially lead to a unique tide of purchasing pressure. This would likely propel the chief crypto to the latest all-time highs. In line with the statistics, the top crypto asset has gone through a couple of green weeks in terms of price progress. As a result of this green trend, it has reached the current price level of $67,000.
BTC Fear & Greed Index Rises to 74
Moreover, the Fear & Greed Index has also become considerably green. At present, the respective index is standing at 74. Furthermore, surging beyond the $70k resistance could increase the chances for Bitcoin to see a sustained price jump. According to the historical data, these breakouts accompany boosted trading volume apart from amplified market enthusiasm.