The crypto market has begun to surge upwards while most of the cryptocurrencies are depicting greenish signals. Significantly, BTC has initiated to rise after its long-term bear market while it is currently trading at over $46K. Bitcoin has now pulled back from its lows at $40K level, trying to break the next resistance-level at the $48K.
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As per the candles of the Bitcoin, it presents a symmetrical triangle pattern which is composed of a diagonal falling upper trendline and a diagonally rising lower trendline. The trading chart depicts an upper breakout at $46K while expected to reach highs. Symmetrical triangles are continuation break patterns, which means they break in the same direction as the first move before the triangle was formed.
Upper Trendline Breakout
In fact, the current circulating quantity of Bitcoins exceeds 19 million, with only about 3 million coins remaining. Thus people tend to acquire Bitcoins sooner while crypto users have less period to accumulate the remaining BTCs. Though, the investors are keen on purchasing BTCs where a major part is taken by whales. BTC whales are also playing an essential part in the purchase of Bitcoins, as seen by the numerous purchases and transfers of BTC that have occurred recently.
However, the price action of Bitcoin will present a bullish run following the uptrend breakout. Moreover, the recent purchase of BTC from Terra was also an initiative for the bull run after a long bear-market. Furthermore, if BTC breaks through its critical resistance level of $48K and advances to $51K, then it will reach $65K. The whole crypto industry seems to generate more highs and gains in the second quarter of 2022.