Bitcoin (BTC) Price Analysis: Bulls Defend Triangle Support Again!

Bitcoin continues to move sideways inside its symmetrical triangle visible on the 4-hour chart. Price appears to have bounced off support again to form a higher low, indicating that bulls are slowly gaining traction. The 100 SMA dynamic inflection point also kept gains in check, and this shorter-term moving average is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, support is more likely to hold than to break or resistance is more likely to break than to hold. The gap between the moving averages is widening to reflect increasing bullish momentum, also supporting the idea of an upside break. If that pushes through, bitcoin could climb by the same height as the triangle pattern, which spans $3,200 to $4,400. RSI is still on its way down, though, so there’s some selling pressure in play. This could keep price…

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