Bitcoin Forms Bullish Divergence on 4-Hour Chart Indicating Potential Breakout
Bitcoin is currently trading at approximately $105,700 after struggling to surpass $110,000. The cryptocurrency has shown consolidation, but a potential bullish divergence pattern re-emerged on the 4-hour chart.
Key Points
- Bitcoin faced resistance at $110,000, trading around $105,000 recently.
- A bullish divergence signal appears on the 4-hour chart, indicating potential price reversal.
- This pattern previously preceded a rally in April that pushed Bitcoin to an all-time high of $111,800.
- The current divergence indicates selling momentum may be fading, suggesting a possible accumulation phase.
- Bitcoin is about 5.5% away from its previous all-time high.
- If the trend continues, a price surge similar to past performance could target levels above $160,000.
- In the last 24 hours, Bitcoin's price has increased by 1.4%.
