PlayIconNav
BTC
$67,084.49+1.37%
ETH
$3,115.15+2.95%
BNB
$580.95+0.62%
SOL
$173.74+3.17%
XRP
$0.52426354+0.70%
TON
$6.47-3.29%
DOGE
$0.15533684+1.28%
ADA
$0.48239244+0.54%
SHIB
$0.00002497+0.76%
AVAX
$37.28+2.34%
TRX
$0.12454003+0.19%
Ad
Consensus 2024Price Increase Extended Until
01
DAY
10
HR
30
MIN
15
SEC
Markets

Bitcoin’s Bull Flag Breakout Suggests More Upside; Support at $57K

The cryptocurrency could break the six-figure mark in Q4, one firm said.

By Omkar Godbole
AccessTimeIconNov 15, 2021 at 11:48 a.m. UTC
Updated May 11, 2023 at 6:43 p.m. UTC
Bitcoin's bull flag breakout (MintingM, TradingView)
Bitcoin's bull flag breakout (MintingM, TradingView)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Bitcoin’s price bounced to $66,000 on Monday, partially erasing the losses from last Wednesday. Technical charts signal an impending boost from a bullish continuation pattern.

  • “BTC has broken out of the Flag pattern, and buying momentum is expected to continue,” MintingM, a Mumbai-based crypto asset management company, said in its weekly market report. “Bitcoin could break the six-figure mark in Q4.”
  • A bull flag represents consolidation after a notable uptrend. It’s a pause that usually recharges the bulls’ engines for a continued move higher.
  • Friday’s defense of $62,500 and the subsequent recovery have established another higher low on the daily chart and reinforced the flag breakout confirmed last Monday. The 14-day relative strength index (RSI) is biased bullish with an above 50 print.
  • The immediate resistance is seen at $68,990, the record high reached on Wednesday following the release of a hotter-than-expected U.S. inflation data. The move was quickly undone with prices falling to $62,500 on renewed fears of faster rate hikes by the Federal Reserve.
  • Eqonex, a Singapore-based crypto exchange, foresees a rally to $88,000.
  • Eqonex mentioned $58,500 as the level to defend for bulls in its weekend newsletter, while MintingM cited $58,000 as key support.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Omkar Godbole
Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Follow @godbole17 on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.