Bitcoin price update Inverse head and shoulders pattern suggests more upside.

  • The price of Bitcoin has found support at the neckline of an inverse head and shoulders pattern.
  • The projected move indicates further upward movement for Bitcoin.
  • There are no major obstacles until the $48k level.

Bitcoin’s price remains above the key level of $30k, and as long as it stays above $25k, the price action is bullish. $25k acted as support during the recent downward trend when the neckline of the inverse head and shoulders pattern rejected the price.

From a fundamental perspective, Bitcoin continues to be bullish as the US dollar remains in a bearish trend. Although the dollar has recently strengthened, it is not convincingly reflected by the EUR/USD exchange rate, which is still around 1.10.

Yesterday, the Chair of the US Federal Reserve, Jerome Powell, participated in a panel at the ECB Forum in Sintra. He made it clear that the Fed did not pause but rather skipped a rate hike in June.

While Powell’s comments were hawkish, other panelists, such as the Governor of the Bank of England and the President of the European Central Bank, also expressed similar sentiments. Therefore, if investors perceive other central banks as more hawkish than the Fed, the weakness of the dollar may dominate the markets during the summer months.

Bitcoin chart by TradingView

Did Bitcoin bottom in late 2022?

One question that every crypto investor has this year is whether Bitcoin reached its lowest point in late 2022.

Indeed, the price action following the low in December 2022 gives hope to the bulls. Bitcoin’s price action also suggests that a significant bottom may have been established.

An inverse head and shoulders pattern indicates further upward movement. The fact that the market retested the neckline and was rejected by it indicates that bulls are still in control. In other words, the price action strengthens the bullish case.

Lastly, now that Bitcoin’s price is at the highest point of the year, there are no significant obstacles until $48k. This level represents the high of 2022, and it seems that the market is gathering momentum to surpass it.

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