Bitcoin (BTC) Price Analysis: Symmetrical Triangle Pattern Holds the Fate of the Crypto Market

With a momentary drop under $59k, Bitcoin formed a 24-hour low at $58,867. However, the quick reversal drove the BTC price back above $60k

Bitcoin price formed a 24-hour low at $58,867 with a momentary drop below the $59k levels. However, the quick reversal drove the BTC price back above $60k, resulting in a lower price rejection.

Currently, the BTC price shows a symmetrical triangle in the 12-hour chart, holding the fate of the crypto market. Further, a bullish attempt at reversal at the $60k level lights a hope of a comeback.

Will BTC witness a breakout rally as the S&P 500 hits a new all-time high? Read our BTC price analysis to learn more.

BTC Price Analysis: 12-hourの時間足チャート

In the 12-hour chart, the BTC price action reveals a triangular pattern formation. Bitcoin hesitates to continue a bear cycle within the pattern as it takes upwards near the $60,459 level.

With the possibility of a double-bottom reversal, the BTC price is trading at $60,115, struggling to sustain dominance above the psychological mark. Based on the Fibonacci levels, the BTC prices near the 50% level act as the baseline of the double-bottom pattern.

Meanwhile, the daily RSI line reveals a minor divergence, supporting the double-bottom reversal thesis. In case of a reversal rally, the BTC price is expected to surpass the 61.80% Fibonacci level at $62,611 to challenge the overhead trendline.

In case of a bullish breakout, the $69,579 is the next potential target. Meanwhile, a bearish continuation will test the $58,307 and lower support trendline.

Bitcoin Price Analysis: 7-day rolling average transaction size and average balance

Amid the increasing volatility, the average transaction size over Bitcoin and the average balance have witnessed massive fluctuations, ranging from the 7-day high of $92,686 to a low of $34,518.

The 7-day average transaction size stands at $76,547. Meanwhile, the average balance over the past seven days is $22,471.

As the fluctuations in the transaction size and the average balance grow, they reflect the growing volatility in Bitcoin prices and overall network usage.

S&P 500 At ATH Warns Bitcoin Correction

In a recent X post, Martinez Ali, a crypto analyst, highlighted a pattern between the Bitcoin price and the S&P 500. Currently, the S&P 500 is trading near its all-time high levels. Meanwhile, Bitcoin has seen a massive drop.

I keep seeing "The S&P 500 is hitting new all-time highs while #Bitcoin is dropping," but history shows this is normal. $BTC is the leader, not the follower!

By the time the S&P 500 peaked in Sep 2018, BTC had already dropped 68% (2017-18). Again, in Feb 2020, BTC had retraced… pic.twitter.com/6Z6nvKKF2g

The history between the S&P 500 and Bitcoin reveals this as a general pattern. In September 2018, when the S&P 500 peaked, Bitcoin had dropped by 68% in 2017-18. The pattern repeated in February 2020, when Bitcoin dropped 54% while the S&P 500 was trading at its all-time high. It repeated again in December 2021, with Bitcoin dropping 40%. Currently, BTC price is trading at a 33% low from its all-time high, with the S&P 500 continuing to make a new all-time high.

Conclusion

Amid the chances of a double-bottom reversal, the $60k support of Bitcoin witnesses massive supply tension. With a momentary drop below the $59k levels last night, the BTC price is losing critical support levels. Hence, price action traders can find the breakout entry opportunity a safer option than speculative moves.

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