CandleFocus Bitcoin Shows Triangle Bearish Pattern with $71,200 Target Before Next Move Up
2024-10-31
Author: Content Editor
Bitcoin is exhibiting a triangle bearish continuation pattern with a target of $71,200. Some analysts question whether this could be a fake-out, as the cryptocurrency attempts to break out to the upside. The Binance liquidation heatmap suggests there may be numerous late long positions at $71,600, potentially causing market fluctuation. However, if Bitcoin rises above $73,000, it would invalidate the bearish view and indicate a possible change in trend. The current price of Bitcoin is around $72,273, with a 1.6% increase in the past 24 hours. Traders are closely watching the price movement and liquidations. Confirmation or rejection of the current pattern will be critical for short-term traders and long-term holders.
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