Bitcoin has started the week on a strong note, climbing 2% today and edging closer to its all-time high. But the big question on everyone’s mind is: can BTC break through once again? Let’s dive into the charts to find out.

Current BTC Status

We’ll begin our analysis with a look at the daily chart. Each candle here represents 24 hours, providing a comprehensive view of price movements and key levels. One crucial zone stands out, marked in green on the chart below.

This critical area, around $73,000, has been a significant resistance point. However, when Bitcoin recently broke through this level on November 6, it sparked a rally that has consistently pushed the price to new highs. Despite not retesting this green zone, it’s vital to keep it on your radar. If BTC experiences a pullback, this area could serve as a logical support level.

For now, the upward trend remains strong. Bitcoin continues to set higher highs and higher lows, maintaining a positive outlook as long as this pattern holds.

A Positive Pattern

To delve deeper, we’ll shift our focus to the 4-hour chart, where each candle represents four hours. This closer view reveals an intriguing pattern: the ascending triangle.

This pattern has appeared frequently in Bitcoin’s price action and often leads to bullish outcomes. In an ascending triangle, Bitcoin makes higher lows but faces resistance at a similar level, forming a triangle shape.

This indicates that buyers are willing to purchase at increasingly higher prices, but sellers around the green zone are still exerting downward pressure. The critical moment comes when BTC breaks out above this resistance zone, potentially driving the price to new all-time highs. Until BTC drops below a previous low, the trend remains optimistic, suggesting buyers are determined to push the price past this horizontal barrier.

If Bitcoin breaks through, we could see a significant price increase, potentially moving towards five-figure territory. Therefore, keeping a close eye on the chart is essential!

What to Watch

Bitcoin’s recent performance has been impressive, but the market remains vigilant. As BTC approaches its all-time high, key resistance levels and patterns like the ascending triangle will play crucial roles in determining the next move.

In summary, Bitcoin is poised for another potential breakout. The upward trend, coupled with the positive pattern on the 4-hour chart, suggests that BTC could soon surpass its previous all-time high. However, investors should monitor the key support and resistance levels closely, as these will be critical in guiding Bitcoin’s next steps.

Stay tuned to the charts and be ready for what could be another historic run for Bitcoin!