Bitcoin Price Action Develops Rising Wedge Amid Bullish Momentum

Bitcoin’s ongoing bullish wave commenced with a steady ascent. After retesting the demand level at $53,683.0 in September, the price action gradually formed a bullish structure characterized by higher highs and higher lows—a textbook uptrend signaling market strength.

In November, the bullish momentum accelerated significantly, marked by heightened volatility. Bitcoin’s price surged aggressively on the daily chart, with minimal retracements or pullbacks. This rally created substantial price gaps as Bitcoin soared to the psychological milestone of $100,000.0.

The psychological resistance at $100,000.0 has since been surpassed, with the price reaching a new peak of $103,647.0. However, the price action has now shaped a rising wedge pattern. This technical formation often indicates waning bullish momentum despite the continuation of the uptrend, hinting at a potential slowdown in the upward movement.

 

BTC Key Levels

Demand Levels: $99800.0, 73754.0, $60268.0
Supply Levels: $110000.0, $120000.0, $130000.0

Indicators Signal

Average True Range (ATR): The ATR reveals a positive slope, reflecting the heightened volatility that has dominated the Bitcoin market since September.
Smoothed Heikin Ashi Candles: On the daily timeframe, these candles provide crucial support, indicating potential for renewed bullish momentum despite the apparent deceleration.

While the rising wedge suggests a moderation in bullish energy, sustained support levels and volatility may drive further gains in Bitcoin’s price action.

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