• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Bullish Ascending Triangle Formation Breakout Takes Bitcoin Back Above $7,000

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
bitcoin price
Advertisement

Bitcoin price just exploded back above $7,000 despite increasingly bearish sentiment taking grip across financial markets, and a crypto market experiencing the longest stretch of extreme fear yet.

After stocks tanked and oil fell below negative, the expectation was that crypto would soon follow, but an ascending triangle formation just helped propel the first-ever cryptocurrency higher. But the question remains: where to next?

Ascending Triangle Target Reached, Bitcoin Price Reclaims $7,000

Bitcoin price just completed an ascending triangle formation on the 1-hour timeframe, resulting in a powerful push above $7,000. Ascending triangles are primarily bullish patterns, and lead to a rise equal to the height of the formation.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In minutes, Bitcoin pushed well over $100 to just under $7100 as of the time of this writing and is currently struggling to reclaim overhead resistance at $7,100 through $7,200.

Related Reading | Cryptocurrency Community Explodes In Chatter Over Oil and Stocks 

The bullish movement comes in parallel with the stock market, which continues to rebound from lows set on Black Thursday last month. The correlation with the stock market continues in crypto, but this could bode well for Bitcoin if the stock market continues to recover with each round of stimulus boost added to the economy.

However, crypto analysts are still eyeing an eventual break in the correlation between the asset classes.

btcusd chart bitcoin price

Which Levels To Watch and What’s Next For Cryptocurrencies

For now, if the correlation continues and the stock market pushes onward, Bitcoin could make an attempt at revisiting highs lost from earlier this year.

At the start of 2020, Bitcoin had reclaimed $7,000 then quickly blasted its way above $10,000, where the cryptocurrency failed to hold. A retest of support around $8,000 is possible if Bitcoin price can break above $7,200, and $7,500, but the real push would happen after a clean breakthrough $8,000.

Such a move would cause the asset to rip toward $9,200, where the March breakdown escalated into a devastating collapse to below $3,800.

Related Reading | Crypto Countdown: Exactly Three Weeks Remain Until The Bitcoin Halving 

The leading cryptocurrency by market cap is still trading well above those levels, nearly doubling from the extreme lows set mid-March. However, with Bitcoin’s halving ahead, the price action was expected to be more bullish than it has been.

Instead of Bitcoin trading below $5,500, the asset was expected to trade somewhere northward toward $55,000 by May 2020. That’s just days away, and Bitcoin price is barely over 10% of that.

Things are looking bleak for Bitcoin price with a recession looming, however, the devaluation of the dollar could help Bitcoin shine in this darkest hour. Only time will tell, but with things at such a pivotal point, it could be make it or break it time for the first-ever cryptocurrency.

Tags: ascending trianglebitcoinbitcoin pricebtcusdcrypto
TweetShare8
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

Related Posts

Cardano ADA ADAUSDT

This Is How Cardano’s First DEX Will Try To Disrupt DeFi

46 mins ago
PancakeSwap CAKE CAKEUSDT

PancakeSwap Approves “Big Burn” For CAKE, Why It Could Be Massively Bullish

2 hours ago
Stablecoins Are Changing and It’s a Big Deal

Stablecoins Are Changing and It’s a Big Deal

4 hours ago
eqifi

EQIFI Brings DeFi Functionality to the Banking Sector

5 hours ago
MoonSafe Code Audit Shows Suspicious Anomalies, Scam Confirmed?

MoonSafe Code Audit Shows Suspicious Anomalies, Scam Confirmed?

9 hours ago
student coin

The Student Coin Launchpad ICO, Just Few More Days to Become Part of an Academia-Driven Blockchain Ecosystem

15 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

BitMinutes Announces Partnership with GoodDollar, Embracing Opportunity for Social Good

April 22, 2021

Hodlnaut Selects Fireblocks to Secure Assets With Next-Generation MPC Security

April 22, 2021

From Startup to Success Story — Morpheus.Network is Transforming Global Trade With Blockchain

April 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.