Bitcoin Price Movement Forms Terminating Wedge, Analysts Warn

The market analysts at KuCoin believe that Bitcoin's price movement is exhibiting an ABC structure on a smaller timeframe, indicating that it is currently in wave B of the rebound.

This means that the price may be experiencing a back-and-forth struggle between bulls and bears as it forms a terminating wedge, which could signal the end of the upward move.

According to the analysis, if the price reaches around $86,000, long positions should be considered for exit. Re-entering longs is advised after wave C completes its decline.