Summary
- It was reported that Bitcoin (BTC) is showing a bullish signal based on technical indicators and that the likelihood of breaking new highs has increased.
- A Bullish Engulfing pattern appeared on the daily chart, and it was stated that in 15 out of 15 times after this pattern in the past, the cycle high was recorded.
- It was reported that Bitcoin has formed a support line above $105,000 for two consecutive days, increasing the potential for sustained bullish momentum.
According to analysis, Bitcoin (BTC) is showing a bullish signal based on technical indicators, raising the possibility of breaking its previous all-time high.
On the 26th (local time), the cryptocurrency-focused media outlet Cointelegraph reported, "A Bullish Engulfing pattern has formed on Bitcoin’s daily chart," adding, "This pattern has appeared a total of 19 times since 2021, and in 15 of those instances, the cycle high was recorded within a few days or weeks after the pattern formed."
Additionally, it said, "Bitcoin has recently established a support line above $105,000 for two consecutive days, increasing the likelihood of sustained bullish momentum."
Meanwhile, as of 05:52 on the 27th, BTC is trading at $107,706.39 on the Binance Tether (USDT) market, down 0.06% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
