For approximately three weeks, Bitcoin has been bouncing between $27,000 and $29,00; throughout this time, it has formed a triangle (flag). Price compression within this triangle means there will be a sharp and rapid movement once it exits the triangle. There is no particular sales pressure from the whales about on-chain data in Week 15 BTC Bitcoin Analysis. On the other hand, the market’s ambivalence is demonstrated by the balance between short and long trades.
Technically speaking, the divergence generated in January and in the daily time of the price has not yet been broken and is getting worse by the second, increasing the likelihood of a price correction more than its upward trend.
Naturally, if the price is rectified, it will rapidly bounce back and increase again. The USDT chart makes this analysis evident. After the pullback, USDT will rebound to the 8% level, at which point it will fall to the broken ascending channel and face market growth. The expiry of Option contracts, which raises market pressure, is another significant event this Week 15 BTC Bitcoin Analysis that was not the case in the past weeks.