Editor's PiCK
Bitcoin Breaks Out of Symmetrical Triangle Pattern…"Uptrend Remains Intact"
Summary
- Analysis says that as Bitcoin (BTC) breaks out of the symmetrical triangle pattern, the uptrend is expected to continue.
- Matrixport stated that "the inflow of new capital will support Bitcoin's upward momentum."
- It is anticipated that as long as Bitcoin maintains $105,075, the uptrend will persist.
Bitcoin (BTC) has broken out of a symmetrical triangle pattern, signaling a continued uptrend, according to analysis.
On the 10th (local time), Matrixport stated in a report, "Bitcoin has surpassed the downtrend line of $106,000 and even broken above the symmetrical triangle pattern," adding, "This move suggests the inflow of new capital projecting further upside for Bitcoin." The report continued, "Concerns over tariff uncertainty in the market seem to have eased," while adding, "Although the US May Consumer Price Index (CPI) is expected to be high, it will be difficult to disrupt the current bullish momentum of Bitcoin."
Matrixport also noted, "The US economy is showing more resilience than anticipated," and projected, "As long as Bitcoin maintains $105,075, the uptrend is expected to continue."
As of 4:18 p.m., on the Binance USDT market, Bitcoin is trading at $109,367, up 3.63% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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