Bitcoin has managed to escape the triangle/wedge-shaped pattern it was trapped in — but the breakout hasn’t exactly been convincing.
BTC was trading at US$37,617 at 12.22pm AEST, up 0.7 per cent from 24 hours ago. But two moves above US$39,000 had been rejected, around 8.30 last night and around 10am today.
The king of cryptocurrencies had been trading in an ever-narrowing range since the May 19 crash, a familiar crypto pattern that often presages a major move in one direction or the other. But perhaps not this time.
— Lark Davis (@TheCryptoLark) June 3, 2021
$BTC #Bitcoin hovering below key 40k resistance. Technically it has broken out of the symmetrical triangle pattern however it could still continue sideways or back test before moving up. I am waiting on a clean break before entering a long in the event it decides to do the above pic.twitter.com/qYr69zAeY3
— Aphex (@Aphex_Crypto) June 4, 2021
There is no triangle.
There is no breakout.
There is no bullish flag.
There is no bearish pennant.
All that is your imagination.
— Venkat (@Flourish_Venkat) June 4, 2021
#BTC breaks out from this wedge and after a two-week consolidation period
For this newfound bullish momentum to continue, $BTC needs to Daily Close above the ~$38000 area (orange) and turn it into support
— Rekt Capital (@rektcapital) June 3, 2021
Bitcoin conference starting
In a possible catalyst for BTC, thousands of Bitcoiners were arriving in Miami for the start of the Bitcoin 2021 conference, expected to draw perhaps as many as 50,000 over the weekend.
Celsius token, the No. 40 crypto, set an all-time high as Celius Network chief executive Alex Mashinsky spoke at the conference.
— Celsius (@CelsiusNetwork) June 3, 2021
The peer-to-peer lending platform allows users to earn 6 per cent yield on their cryptocurrency.
Its treasury holds 107,900 Bitcoin — worth A$5.3 billion — a stash that comprises about 25 per cent of Celius’s total community assets, the platform announced.
Ups and downs
Overall the crypto market was mixed, with 43 coins of the top 100 up in the past 24 hours and 46 down.
Filecoin has been the biggest gainer in the past 24 hours to lunchtime (Sydney time), up 25 per cent to US$87.81. The No. 23 crypto powers a decentralised file storage system, a potential competitor to Amazon Web Services and Dropbox.
Dogecoin has been the biggest loser among top 100 coins in the past 24 hours, falling 8.8 per cent to US37.6 cents as Dogecoin trading began on Coinbase Pro.
— Paul (@NotationQuo) June 3, 2021
Ethereum was changing hands for just over US$2,700, up 1.0 per cent in the past 24 hours, but down from US$2,870 a little before 10am.
The post Bitcoin escapes triangle, but not convincingly; Dogecoin drops and Filecoin gains appeared first on Stockhead.
Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.