Bitcoin (BTC) has now further extended its period of consolidation around the key $10,000 support level and has failed to post any sustainable bounce since dipping below this critical support level over the weekend.<\/p>\n
Analysts are noting that Bitcoin\u2019s technical structure is currently expressing signs of bullishness, with one prominent analyst explaining that he expects BTC to incur a steady ascent over the coming weeks and months.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up marginally at its current price<\/a> of $10,220, which marks a notable retrace from its recent highs of over $10,500 that were set during a sharp upwards movement earlier this week that ultimately proved to be unsustainable.<\/p>\n Prior to Bitcoin\u2019s sharp movement to highs of $10,500, BTC dipped to lows of roughly $9,900 \u2013 signaling that the cryptocurrency is currently trading in the middle of a relatively tight trading range that may hold strong for the coming days and weeks.<\/p>\n The Cryptomist, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin\u2019s price action in a recent tweet, explaining that she expects its future trend to be revealed this week as it nears the apex of an ascending triangle formation.<\/p>\n \u201c$Btc Honestly, I am not certain of btc’s next move. But if I had to say… I think we break out this ascending triangle on 3hr towards descending triangle 10.8k region before larger drop *Invalid if ascending support is broke* All will be revealed within this week!\u201d She noted.<\/p><\/blockquote>\n $Btc<\/a><\/p>\n Honestly, I am not certain of btc next move <\/p>\n But if I had to say ….<\/p>\n I think we break out this ascending triangle on 3hr towards descending triangle 10.8k region before larger drop <\/p>\n *Invalid if ascending support is broke*<\/p>\n All will be revealed within this week! pic.twitter.com\/xcrOtrOoPG<\/a><\/p>\n — The Cryptomist (@Thecryptomist) August 28, 2019<\/a><\/p><\/blockquote>\n\n