Share this article
Bitcoin's 'Triangular Consolidation' Is Bullish: Technical Analysis
Such consolidations generally end with an upward breakout, one observer said.
Updated Nov 1, 2023, 3:35 p.m. Published Oct 31, 2023, 11:05 a.m.
Bitcoin [BTC] appears to be consolidating into a triangular pattern, offering a positive outlook for the weeks ahead.
The leading cryptocurrency by market value has carved out higher lows and lower highs between $33,000 and $35,0000 in the past seven days, forming a triangle on the bitcoin price chart.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Analysts and traders study price patterns to gauge momentum strength and forecast changes in market trends. Triangles tend to be continuation patterns, representing a pause that refreshes the preceding trend, which is bullish in BTC's case. The leading cryptocurrency rallied from $26,500 to $35,000 before starting its triangular behavior.
"Bitcoin is forming a triangle on the daily chart. It is generally believed that such consolidation formations end with an upward breakout," Alex Kuptsikevich, a senior market analyst at FxPro, said in an email.
According to Kuptsikevich, a move above $35,000 would confirm a bullish triangle breakout, signaling a continuation of the rally from $26,500.
Note that while triangles usually resolve in the direction of the preceding trend, they can sometimes end with a downside breakout, indicating a bearish trend reversal. Hence, it's imperative traders closely follow the price action over the next few days.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Sizin için daha fazlası
Ether, Dogecoin, Solana Slide as Bitcoin Fails to Sustain Early-Week Breakout
The pullback followed Tuesday's brief spike above $94,500, a move that triggered a minor short squeeze but failed to break the resistance that has capped bitcoin for most of the past three weeks.
Bilinmesi gerekenler:
- Bitcoin fell toward $90,000 as crypto markets lost ground despite a Federal Reserve rate cut.
- Over $514 million in leveraged positions were liquidated, with major tokens like Ether and Solana also declining.
- Analysts suggest Bitcoin must surpass $94,000 to signal a significant rebound, amid concerns over macroeconomic conditions and market liquidity.
Top Stories
