Bitcoin price this morning is back well above $13,100 after an overnight plunge pierced below resistance turned support at $13,000. The rebound from support could be enough momentum to push the cryptocurrency higher toward $15,000. Here’s the current price action as it is developing, and what could result.
Bitcoin Forms Bullish Pennant, Target $15K, But Retest Must Hold
Bitcoin price just surged to retest highs around $13,200 after bulls held an important retest of support at $13,000 overnight. The leading cryptocurrency by market cap closed its highest weekly candle since the <span class="wpg-tooltip-term-title">Bear</span></h3><div class="wpg-tooltip-content">Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/bear/">» Read more</a><p></div>”>bear market began, but after the close started to tumble.
Bulls were able to hold strong overnight, leading to renewed confidence on this Monday morning.
Last week, the cryptocurrency made a strong intraday bullish impulse that led to a $1,000 daily increase. After hitting resistance from 2019, Bitcoin has been consolidating in what appears to be a bull pennant chart formation.
<img alt="bitcoin btcusd" class="alignnone size-large wp-image-447720 aligncenter" height="411" loading="lazy" sizes="(max-width: 860px) 100vw, 860px" src="https://www.cryptotelegraph.com/wp-content/uploads/2020/10/bitcoin-btcusd-4-860×411-45.png"