The post Bitcoin (BTC) reaches top of bull flag – explosion imminent? appeared on BitcoinEthereumNews.com.

On Sunday Bitcoin reached over $68,000 in price, and tagged the top of its long-time bull flag. Is $BTC preparing for an upward price explosion? When will the king of the cryptocurrencies make its move? Bitcoin price preparing for big upside move What a difference three weeks makes. When Bitcoin was teetering on the edge of oblivion at $53,500 in early July, many investors were perhaps looking to sell, and probably many of them did. However, here we are back at the top of the Bitcoin bull flag, and it’s maybe just a matter of time before the $BTC price explodes upwards. Sentiment for Bitcoin has improved dramatically, with the Fear and Greed Index at a score of 70 – firmly in Greed territory. Elon Musk has just changed his profile picture on X to one with laser eyes; perhaps in acknowledgement of this huge sentiment change for $BTC. The Spot Bitcoin ETFs are continuing to have their impact on price, as Friday saw another bumper day for net inflows into the 9 US-based funds. $383.6 million, equivalent to 6,000 BTC was bought across these ETF funds. With the daily supply of Bitcoin now equating to only 450 BTC, this is more than 13 times daily supply – just for the 9 US ETFs. Small pull-back may take place first Source: TradingView On the 12-hour time frame it can be seen that the $BTC price has been traversing higher inside an upward-sloping channel. Given that this kind of pattern will usually break to the downside, there could likely be some kind of small pull-back on the way. Whether this comes all the way back to support at $64,000 remains to be seen. The most bullish signal of all Source: TradingView On the weekly time frame, it can be seen how…

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Filed under: News - @ July 22, 2024 1:28 pm