Summary
- Matrixport analyzed that Bitcoin has broken below the 'rising wedge pattern' and interpreted this as a bearish signal.
- They stated that since the breakdown occurred during low trading volume, there might be limited demand for bottom buying.
- They added that this pattern breakdown is also appearing in Ethereum, with its previous support levels having collapsed.
Analysis shows Bitcoin (BTC)'s 'rising wedge pattern' has collapsed.
Crypto analytics firm Matrixport announced on the 25th via X that "Bitcoin has broken below the rising wedge pattern," adding that "unless the price quickly re-enters the pattern, this should be interpreted as a bearish signal."
Matrixport emphasized that "a cautious approach is needed" for Bitcoin investment. They noted that "this breakout occurred during a period of low trading volume" and suggested that "there might be limited demand for buying at the bottom." They added that "this pattern breakdown is also appearing in Ethereum (ETH)," stating that "Ethereum has broken below its support range of $2,600-2,800, indicating a collapse of previous support levels."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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