Breaking Resistance: BTC Eyes Major Breakout<\/h2>\n
In the current market environment, Bitcoin is nearing a critical resistance level that could set the stage for its next big price movement. Crypto analyst Ali has pointed out<\/a> that BTC is on the verge of breaking out from a “symmetrical triangle” pattern on the charts.<\/p>\n This pattern, characterized by two converging trend lines, represents a period of consolidation before the price potentially moves in a more decisive direction. Ali suggests that if Bitcoin can sustain a close above the $69,330 resistance level<\/a>, it may quickly ascend to around $74,400.<\/p>\n This move would break the recent static trend and signal the beginning of a more substantial rally<\/a>.<\/p>\n #Bitcoin<\/a> appears to be breaking out from a symmetrical triangle! A sustained close above the $69,330 resistance level could send $BTC<\/a> to $74,400. pic.twitter.com\/UrZrJqZdrr<\/a><\/p>\n \u2014 Ali (@ali_charts) June 3, 2024<\/a><\/p><\/blockquote>\n Adding to the optimistic outlook, analyst TechDev has provided a comprehensive analysis that supports the potential for an unprecedented breakout. His observations are backed by historical data and technical indicators that align with Bitcoin’s current market activity.<\/p>\n According to TechDev, Bitcoin is exhibiting a pattern that could indicate\u00a0a major bullish phase<\/a>. He notes that historically, Bitcoin has experienced significant price increases, known as “blowoff tops,” which have typically been followed by notable corrections.<\/p>\n However, the current scenario is different. Bitcoin did not experience a blowoff top in 2021, which diverges from its historical behavior and suggests a potential buildup to a more sustained price increase.<\/p>\n In support of these technical analyses, the market is also witnessing significant movements in terms of ownership and storage.<\/p>\n Data from BTC-ECHO’s Leon Waidmann reveals<\/a> that the percentages of Bitcoin and Ethereum held on exchanges are at their lowest levels in years, indicating strong holding behavior among investors.<\/p>\n This decrease in exchange balances and continued accumulation by whales suggest that a supply squeeze could be imminent, potentially driving prices up as availability decreases<\/a>.<\/p>\n \ud83d\udcc9 Exchange balances for both #Bitcoin<\/a> and #Ethereum<\/a> are at their lowest levels in years!\ud83d\udd25<\/p>\n Whales continue to accumulate. #BTC<\/a> on exchanges is down to 11.6% and #ETH<\/a> is at 10.6%!<\/p>\n Supply squeeze incoming. \ud83d\udcc8<\/p>\n Get ready for the next big move. \ud83d\ude80 pic.twitter.com\/u4j13DZBJk<\/a><\/p>\n\n
Impending Bitcoin Supply Squeeze<\/h2>\n
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