Bitcoin has been trying to hold on to important resistance levels in recent hours. The price’s transition to a horizontal image after moving upwards for a while indicates a critical stage in the future where the direction will become clear. According to analysts, if the price remains at current levels, an upward movement may be possible.
Bull flag formation attracts attention
The “bull flag” formation, one of the frequently followed technical indicators in the cryptocurrency market, stands out in the latest hourly charts. It is observed in the charts that Bitcoin is traded close to the $ 77,800 level and the price experienced a short-term squeeze in this area. This squeeze is usually seen before sharp price movements.
The bullish flag formation occurs when the price consolidates under resistance for a short time after a strong attack. Currently, while Bitcoin attracts attention with its support around $ 77,500, the falling resistance line on the chart has not been crossed yet. If the price can break this resistance area up, it could approach the target between $79,500 and $80,000. This level may also indicate a new momentum on the basis of technical analysis.
However, if the price falls below the current support point, this could weaken the short-term positive outlook. If it falls below $77,500, the validity of the flag structure will decrease and horizontal or downward fluctuation may be observed for a while.
Ascending channel breakout and important supports
Another technical analysis indicates that Bitcoin has experienced a new breakout, rising above the ascending channel in recent days. The fact that it has settled above the upper line of the channel shows that the bulls are still in control. Whether the price can be permanent at this level may open the door to a new rally.
Additionally, the 50-day moving average has been positioned below the price in recent days, indicating the strength of the trend. Especially the lower band of the channel and the support zone help keep the price up. If the price stays above these important supports, $80,000 and above could become the target again.
The liquidity map also shows intense activity in the $ 80,000 band. Such areas can often cause sharp movements as the price is drawn into intense buy-sell orders.
Every resistance break in the price can trigger an acceleration of buying; However, if it is an unsuccessful retest, it may cause the bulls to lose momentum and the price to move downwards again.
An unsuccessful channel test and the price falling below the supports may temporarily shelve the recent bullish scenario. However, at this stage, the signals given by the charts still keep upward expectations on the agenda.
