Bitcoin (BTC) continues to trade sideways but remains steady at the crucial $58,000 support level. As the price nears the end of a triangle pattern, a breakout seems imminent, with an upward move being more likely.
$BTC Defends the $58K Level
After a sharp drop to $49,000, Bitcoin quickly rebounded to $62,700 before entering a consolidation phase. Despite moving sideways, BTC has held strong above the significant $58,000 support, showing clear buyer interest at this level.
Triangle or Bull Flag Pattern?
This consolidation has created a triangle pattern. The upper limit is the last local high of $70,000, reached in late July. As Bitcoin approaches the triangle’s apex, a breakout could occur within days. Given the overall upward trend, the breakout will likely be to the upside. If it happens, the near-term targets are $60,000 and $61,000, with the potential to climb toward the channel’s top.
Alternatively, the current pattern might represent a bull flag, which began with the sharp dip when buyers quickly scooped up Bitcoin after the Japanese stock market crash. If this pattern unfolds, a measured move suggests a price target of $73,000.
Widening Channel Indicates Bullish Outlook
Looking at the broader picture, Bitcoin’s price structure shows a widening channel, another bullish sign. This pattern suggests that BTC will likely break out to the upside. However, holding the $58,000 support is crucial. If Bitcoin drops below this level, the next support is at $56,000. A break below this could push Bitcoin back to the channel’s lower boundary around $50,000.
