Currently, Bitcoin’s price is trading within a critical range of $25,000 and $30,000 and must break out to provide a clear signal of the direction of its future price action. A breakout on either side is possible with support provided by the 50-day moving average at the recent low of $25K and significant resistance provided by the $30K major resistance region.

An ascending triangle pattern has been formed, which requires a break of either the upper or lower trend lines to determine its future direction. A breakout from the upper trendline could lead to a spike towards the previous all-time high of $30K, while a breakdown from the lower trendline could lead to a dump to the critical support region of $25K.

The market’s optimism is extremely high due to the rapid accumulation of Bitcoin and the sudden increase in the Net Unrealized Profit/Loss ratio for crypto investors. Therefore, the future of Bitcoin in the mid-term is largely dependent on its ability to breakout from the range it is currently stuck in.



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