The post Bitcoin (BTC) breaking out of its bull flag – Is this the time? appeared on BitcoinEthereumNews.com.

After seven months of sideways price action, Bitcoin (BTC) is finally breaking out of the top of its bull flag. Is this the start of the next stage of the bull market, or could this be yet another fake-out and a failed rally? Is this time different for $BTC? It’s been such a long period of time since Bitcoin (BTC/USD) reached its all-time high at $73,800. Since that time, the king of the cryptocurrencies has reached the point of breakout several times, and for each one of those times, it has been rejected, to sink back down to the bottom of its bull flag and dash the hopes of the bulls yet again. Will this time be different? This will very much depend on the price action on Wednesday. In all the other times that $BTC broke through the top of the bull flag, a daily candle was never able to close its body above the bull flag trend line. Therefore, $66,500 is the magic price that $BTC will need to close above by the end of play today. Huge Bitcoin ETF inflows Another big net inflow day for the U.S. Spot Bitcoin ETFs certainly helps matters. An additional 5.65K BTC flowed into the ETF coffers on Tuesday, augmenting the 8.85K BTC on Monday, and the 4.21K BTC on Friday. The combined total for these last three days is equivalent to more than 42 times the daily amount of mined BTC. Is a supply crunch on the horizon? Bulls carry Bitcoin over the line Source: TradingView The short term time frame for $BTC shows some volatility as the price crossed above the bull flag upper trend line. A long wick through the trend line touched the 1.618 Fibonacci perfectly before coming back down below. It might have been thought that…

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Filed under: News - @ October 17, 2024 12:23 am