The crypto market witnesses a bullish recovery as it overcomes the recent sell-the-news event. It occurred with the US President signing the crypto reserve order, plunging Bitcoin from $91,000 to nearly $84,000.
With the short-term recovery, BTC price is now back at $89,000 and is projecting a potential triangle breakout. Will this triangle breakout rally propel BTC price to the $100,000 mark? Let’s find out.
Bitcoin Price Analysis Teases Triangle Breakout Rally
In the 4-hour price chart, BTC price action showcases a long-coming resistance trendline. This is formed with multiple peaks along the way and has kept the bullish growth under check.
However, the recent bounce back in Bitcoin from the $78,000 mark has created a higher low formation. This leads to two converging trendlines completing a symmetrical triangle pattern.
The bullish comeback within the triangle pattern is hinting at a potential double-bottom reversal from the $86,700 support level. The MACD signal line reveals a bullish divergence between the two bottoms and is on the verge of giving positive crossovers.
BTC Price Targets
With a bullish turnaround within the triangle pattern, the BTC price action projects a potential breakout rally. Based on the pivot levels, currently, Bitcoin struggles at the center pivot level at $89,654.
With a potential triangle breakout, the BTC price could surge to $101,111. On the flip side, the crucial support remains at the $86,700 mark, followed by the S1 pivot level at $82,816.
US Bitcoin Spot ETFs Record Just 3 Days of Inflow Since February 6
Amid the increased volatility in BTC prices, the daily total net outflow of the US Bitcoin spot ETF reached $134.26 million. BlackRock maintained an outflow of $15 million, followed by Grayscale of $34.51 million. This marked the fourth consecutive outflowing day for Bitcoin ETFs.
Since February 18, BTC ETFs has registered only a single net inflow. Furthermore, since February 6, it has registered only three positive inflows.