Bitcoin price uptrend has faced opposition around the $35,280 range high on the daily timeframe. The pullback has seen BTC price action form a pennant with a forecasted $40,153 target. The bullish outlook will be invalidated if the king of crypto breaks and closes below the $38,000 psychological level. Meanwhile, hope for a spot BTC ETF remains alive, with the halving narrative still a constant for Bitcoin bull run. though three narratives came to mind during the run.
A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies. A pennant could send Bitcoin to $40,000 next week Bitcoin price has formed a pennant on the daily timeframe, with the technical formation interpreted as a continuation chart pattern to predict the longevity of the primary trend.
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