Crypto
Bitcoin at Crossroads: Break Above $79,500 to Fuel Further Gains
Bitcoin (BTC) is currently trading at around $77,500, after a significant bounce from the $76K mark.
The short-term momentum of BTC is weaker than its long-term momentum, according to technical chart analysis.
A head and shoulders pattern has formed on the recent timeframe, with the price having already lost the neckline. If this pattern holds true, it could lead to a decline towards $71K.
However, if Bitcoin breaks above the resistance zone of $79,500 and holds it on the 4-hour chart, it could make $80K easier to take out, with $81K-$82K as the next targets above that.