Bullish Technical Indicator And Increasing Buying Pressure

CryptoQuant Signals Bullish Outlook for Bitcoin With Formation of Ascending Flag

Bullish Technical Indicator and Increasing Buying Pressure

Recent technical analysis by CryptoQuant suggests a promising bullish signal for Bitcoin (BTC). The crypto asset has been forming an ascending flag pattern, characterized by a period of consolidation followed by a breakout. This pattern often indicates a continuation of the underlying uptrend. In addition to the ascending flag pattern, analysts at Fairlead Strategies have observed increasing buying pressure, which supports the expectation of an upward price breakout. A decisive breakout from the upper limit of the forming flat pattern would be a bullish signal, empowering bulls and potentially launching Bitcoin higher.

Technical Charts and Data Support Bullish Outlook

Technical charts and data from CryptoQuant further support the bullish outlook for Bitcoin. The asset has been consolidating above the $30,000 level, which analysts consider a key support level. A breakout above $31,900 would complete the ascending flag pattern and signal a bullish continuation. Moreover, on-chain metrics from CryptoQuant show a decrease in selling pressure and an increase in accumulation by long-term holders. This suggests that investors are confident in Bitcoin's long-term prospects and are accumulating at current levels.