Analyst sees Bitcoin mirroring 2023 consolidation pattern near support

Community Trust Score Verified 92 % Real Verified 39 votes Updated 42 seconds ago A crypto analyst has identified a pattern on the Bitcoin weekly chart that mirrors the consolidation phase seen in 2023, a period that preceded a rally doubling the asset’s price. Bitcoin is currently trading around $76,000, positioned just above its weekly 50-period moving average at approximately $75,500. This placement follows a recent rejection from the weekly 100-period moving average near $87,400. The analyst notes that Bitcoin is now situated between these two key technical lines, a configuration that characterizes the current market structure.

Source: The Currency Analytics