After dipping further below the key support level at 30,010.16, the cryptocurrency, Bitcoin, stopped short on closing back above the support level. Bitcoin is now ranging within a descending triangle and may be poised to break out within the upcoming weeks.
- In the event that the price makes a bullish break upwards, the initial target will be a key resistance level at 37,517.78. Confirmation for bulls to take control of the market will be if the price breaks above 42,000.00.
- However, should the price break downward, the initial target for bears will be the key support level at 30,010.16 before looking to test the breakout point before continuing its further move.