Bitcoin (BTC) has recently broken out of a descending broadening wedge pattern, a bullish technical indicator suggesting a potential price reversal. The cryptocurrency is now trading within a critical horizontal supply zone, where the 21-day and 50-day moving averages (MAs) are signaling strong bullish momentum.
Bitcoin’s recent breakout from the descending broadening wedge and the bullish momentum generated by the moving averages suggest a potential upward move. However, the horizontal supply zone represents a significant hurdle that Bitcoin must overcome to continue its bullish trajectory. Traders should closely monitor price action around this zone to determine the next likely direction of the BTC price.
