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Crypto

Bitcoin Breaks Out of Cup and Handle Pattern Amid Strong ETF Inflows

Guavy AI Editorial Team
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BTC
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Bitcoin (BTC) broke out of a classic cup and handle pattern on August 6 at $64,742, marking a significant bullish signal.

The cup and handle pattern formed between the June low near $57,700 and the August recovery, with the cup base forming through June and early July, followed by a retest of the neckline near $65,000.

RSI (Relative Strength Index) has also flipped above 50 for the first time since July highs, indicating a shift in momentum to the buyers' favor.

Spot Bitcoin ETFs have seen strong inflows this week, with $626M net inflows through three sessions, making it the strongest weekly total since early May.

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