The world's geopolitical map looks messier than it has in decades. Trade wars are reigniting, monetary systems are being stress-tested, and trust in traditional financial institutions is eroding.
And yet, Bitcoin is up 12% this week.
What’s going on? Here’s our analysis on X (Twitter).
Price is in a Downtrend, however, there are signs of trend reversal.
It had been consolidating in a Sideways Channel ($60K - $70K) and held up surprisingly well during this geo-political turbulence. It initially dipped when the conflict began, but than sharply reversed, indicating solid demand from buyers on dips.
It's now broken through $70K resistance, where it previously struggled, and could revisit $74K next.
However, this breakout still needs to be tested and confirmed before we can conclude that BTC has reversed its Downtrend.
Bitcoin (BTC): Breakout from Sideways Channel
Source: altfins.com
We’ve had BTC trade setup on the Bullish list in our Technical Analysis section, which has trade setups for top 50 coins.
BTC’s move is likely to pull along many altcoins with it as well. Here are coins in the Uptrend, breaking through resistance. (see live scan results).
There are other altcoins also trading in a Sideways Channel. Some you can find in our trade setups:
Trade Setups: Sideways Channel
Source: altfins.com