Bitcoin (BTC) Price Struggles Below $60K, Descending Broadening Wedge Pattern Keeps $100K Rally in Suspense

Legendary trader Captain Faibik warns Bitcoin's fate hinges on breaking $69-70k. Descending Broadening Wedge pattern keeps Bitcoin's $100k rally in suspense.

Bitcoin’s price has been struggling below the $60k mark as spot ETFs experience substantial outflows.

Legendary crypto trader Captain Faibik has highlighted Bitcoin’s crucial resistance level at $69-70k.

If Bitcoin breaks out of the Descending Broadening Wedge pattern, it could reach $100,000 by Q4, according to Faibik.

Bitcoin’s fate seems to hinge on breaking the crucial $69-70k resistance level, as it has been struggling to push past this hurdle in recent attempts.

However, as the breakout chances increase with continued price action within the wedge, Captain Faibik's analysis suggests that this resistance is showing signs of weakening.

Bitcoin’s price action has been closely monitored within a Descending Broadening Wedge pattern over the past six months. This pattern typically indicates a period of uncertainty. But as the price action continues within this wedge, the chances of a breakout are increasing.

According to Captain Faibik, a well-known crypto trader, the key level to watch for Bitcoin is the $69-70k resistance. In his recent analysis, Faibik highlights that Bitcoin bulls have failed to clear this level in their recent 4 to 5 attempts.

However, he points out that this resistance is starting to weaken, which might set the stage for a successful breakout.

If Bitcoin manages to break out of the Descending Broadening Wedge to the upside, Faibik suggests that it could easily reach $100,000 in the fourth quarter. This potential rally is based on technical indicators and the current weakening of the resistance level.

“For now, those considering leverage trading should be cautious as the market conditions may not be ideal for high-risk strategies. Instead, long-term Bitcoin holders can sit back and relax, as the long-awaited Bitcoin bull run could be just around the corner,” adds Faibik.

With the resistance weakening and the potential for a breakout on the horizon, the next few months could be crucial for Bitcoin’s price action.

Bitcoin’s price recently dropped below $60,000, reflecting the bearish market trend. This decline comes as spot Bitcoin ETFs experienced significant outflows, totaling $109.18 million as of August 28.

“Aug 28 Update: 10 #Bitcoin ETFs NetFlow: -1,861 $BTC (-$109.18M) ?

– #ARK21Shares outflows 1,643 $BTC ($96.41M) and currently holds 46,366 $BTC ($2.72B).

9 #Ethereum ETFs NetFlow: -1,526 $ETH (-$3.79M) ?

– #Grayscale(ETHE) outflows 3,676 $ETH ($9.14M) and currently holds 1,814,925…,” tweeted Lookonchain.

Among these, Ark & 21 Shares (ARKB) saw the largest outflow with $96.41 million. As of now, Bitcoin is trading at $59,680, showing a slight price increase. Its market cap stands at $1.17 trillion, while Bitcoin’s dominance in the market has risen to 57.21%, up by 0.05% over the past day.

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