Βitcoin - BTCUSD
Bitcoin price looks weak here as the market struggles to find the strength to move above $60k. The crypto community had a hard time over the weekend as the Dogecoin was hit hard by Elon Musk‘s remarks on the Saturday Night Live show.
His remarks that Doge is a “hustle” had an immediate impact on the cryptocurrency, sending it lower by 30% before recovering some of its losses. The weakness did not transmit to the Bitcoin price, but the main cryptocurrency keeps struggling at the $60k level.
However, bears should be cautious. Even though Bitcoin forms a rising wedge pattern, or at least one pattern that looks like a rising wedge, the series of higher highs and higher lows remains intact. Until and unless that series breaks, the bulls will keep pushing for new highs.
The technical picture reveals a rising wedge that stands ready to break. That is the key word here – ready to break, and so, any bears may want to wait for the break before selling Bitcoin short. As such, a daily close below the $56k level is critical for bears that want to short Bitcoin. If it happens, then the stop-loss must be set at the highs and the take profit level at the wedge’s full retracement, below $50k.
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