Bitcoin (BTC) Chart Reveals Formation of Fallen Wedge – Is the Coin Ready to Soar?

Bitcoin has lost over 3% in the last seven days, stuck around the $65,000 threshold. This performance cast doubts among market participants who expected a more profound performance.

However, following a few days of bearish trend, Bitcoin (BTC) has formed a fallen wedge pattern in its 4H chart.This formation often signals a potential trend reversal, with a bullish breakout on the horizon. So, can the price break above the fallen wedge or continue dropping?

Bitcoin (BTC) Price Action

Bitcoin has exhibited significant volatility since touching $71,958 on June 7 and dipping below $66,000. Over the last seven days, it has consolidated around $65,000 and $66,000.

The tides appear to be changing, with Bitcoin posting minor upticks in the last 24 hours. BTC trades at $65,700, with a nearly 2% 24-hour price increase.

This observation suggests the return of buyers, which could trigger more uptick in the following hours. The 4-hour chart below hints at Bitcoin's next possible moves.

BTC Price Analysis: BTC Formed Fallen Wedge, Indicators Signal Bullish - Time to Buy?

The above chart suggests promising moves for Bitcoin after forming a fallen wedge pattern, which indicates a bullish reversal. This pattern typically forms during a downtrend, displaying lower lows and lower highs.

At this point, Bitcoin appears oversold, presenting an investor buying opportunity and introducing upward momentum. Once the price approaches the top, there's often a breakout. In this case, traders need to wait for a bullish confirmation. One such confirmation is the rejection of the Fair Value Gap (FVG).

When the price tests the FVG and starts to rise, it suggests that buyers are stepping in to support higher prices. This will provide the needed momentum for Bitcoin to break out of the fallen wedge pattern.

Upon a successful breakout, Bitcoin's next target will be $69,800 before it eventually reclaims the $71,000 threshold with more charges from buyers.

In terms of price targets, traders may look towards key psychological levels. The first target is $69,800, which has historical significance as a resistance level. A decisive break above this level could pave the way for further upside towards $71,958.

Massive $395 Million BTC Purchase by Whale: Will it Propel Price Above the Fallen Wedge?

A recent Lookonchain report reveals that a whale acquired a substantial amount of Bitcoin worth $395 million. This recent purchase is particularly noteworthy because it follows a series of significant transactions by the same whale.

During the bear market 2022, this whale had already acquired a substantial $794 million worth of Bitcoin. The whale made $1 billion in profit by selling 37,000 BTC worth $1.74 billion at an average price of $46,800 in the 2023 and 2024 bull runs.

This latest purchase marks the whale's first significant move in the Bitcoin market in over a year and a half. In addition, Binance recently transferred approximately $240 million worth of Bitcoin to an undisclosed wallet.

The purpose of this transaction is still uncertain. However, the movement of large amounts of Bitcoin can potentially impact market dynamics.

Firstly, the large purchase of BTC could indicate confidence in the cryptocurrency by institutional investors. This might create positive sentiment among traders and investors, potentially driving up the price.

Similarly, significant funds transfers to a wallet could suggest an entity is preparing to hold, improving market sentiment. While we await Bitcoin's next move, investors who want to diversify their portfolio may consider Sealana, a next-generation meme coin.

Sealana Raises $5 Million in Presale - Last Chance to Buy Before it Closes

Crypto enthusiasts across the X platform have been excited since the Sealana presale commenced. But what exactly is Sealana, and why is it generating so much attention?

Sealana is a novel meme coin built on the Solana network, featuring seals as its central theme.

While Sealana has no tangible utility, it has gained significant attention, leveraging the hype around Solana meme coins. Many believe Sealana could record an explosive price surge like other Solana-based meme coins.

Its meme allure appeals to a particular set of retail investors in the crypto market. Furthermore, Sealana's unmistakable chubby seal mascot, dressed in patriotic attire, reflects the project's playful approach to the meme coin trend.

There's only a week left in the Sealana presale, but potential investors can still acquire SEAL tokens for $0.022. Sealana has already raised over $5 million in presale, indicating significant investor engagement.

Participation in the presale is open to investors using SOL, BNB, ETH, USDT, or traditional payment methods like credit/debit cards. Following the presale, the developers intend to launch SEAL on a decentralized exchange (DEX) operating on the Solana blockchain.

However, it's worth noting that Sealana's website lacks essential documents such as a whitepaper, roadmap, or detailed tokenomics. This highlights its unconventional and speculative nature.

Despite having no use case or product, top crypto YouTubers are bullish on the project, predicting a 10X increase once it's listed. To participate, visit the presale website and follow the steps provided.

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