Bitcoin grabbed some attention three weeks ago as it broke above the February high around $10,500. It’s consolidated in a tight range since, which now resembles a bullish ascending triangle.
The pattern is noteworthy because its low of $10,559.59 on August 2 was slightly above the previous peak. It flirted with $12,000 a few times without attempting a breakout – until this morning.
Looking at the hourly chart, we can see BTCUSD built support above its 100- and 200-hour moving averages since Friday. That caused it to squeeze higher and attempt a breakout this morning.
Meanwhile other trends are potentially supportive: A rising hash rate, widening investor interest and a weak U.S. dollar.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.