Bitcoin (BTC) May Have Just Pulled off a Technically Significant Move — But Not Everyone Is Impressed

Bitcoin, the first and largest cryptocurrency by market cap, may have recently pulled off a technically significant move — but not everyone is impressed.

Bitcoin, the first and largest cryptocurrency by market cap, may have recently pulled off a technically significant move — but not everyone is impressed.

Veteran trader Peter Brandt recently reacted with a yawn emoji on X to an analysis by crypto analyst Rekt Capital, who highlighted that Bitcoin (BTC) has broken its multi-month downtrend, successfully retested it as support and held above it for several consecutive days — a pattern typically considered as bullish.

Multi-Month Trendline Breakout (1)

Retest of Trendline (2)

Holding Above Trendline (3)

Breaking a multi-month trendline, retesting it and holding above it for several days in a row-

This is the type of chart pattern that tends to be bullish.

Thoughts?#Bitcoin

Chart: TradingView pic.twitter.com/u28Y9m8K7p

— Rekt Capital (@rektcapital) April 14, 2024

Brandt, who previously highlighted Bitcoin's boring and repetitive price action in previous posts, reacted with a yawn emoji.

🥱

— Peter Brandt (@Brandt_Trader) April 14, 2024

In a tweet on April 17, Brandt commented on Bitcoin's repetitive and uninspiring price action, comparing it to "little boxes on the hillside, little boxes made of ticky-tacky." BTC has been locked in a horizontal movement rather than an upward trajectory.

"Little boxes on the hillside,

Little boxes made of ticky-tacky.

Little boxes, all the same,

And they're named with the initials

'T' , 'E' , 'A' , 'C' , 'H' , 'S' , 'E' , 'D' ,

And they're all made of plywood

And they're all good and they're all new

But they're all the same and they're all gray

Little boxes and the people in them

Are collecting bottle tops

And they're saving string and they're putting

Their old gumdrops in a box

And they're planning a trip to the

Seven Seas and they're hoping

For sunny days and blue skies

And they're baking cookies in the pantry

And they're writing letters to Uncle Ben

And they're planning a trip to the

Seven Seas and they're hoping

For sunny days and blue skies"

— Peter Brandt (@Brandt_Trader) April 17, 2024

In the last 30 days, Bitcoin has traded between $75,000 and $88,000, and it has yet to break the $90,000 resistance.

After testing lows near $74,000 twice in April, Bitcoin appeared to be establishing some support in this price range as it rebounded. Following the comeback, Bitcoin reached highs of $85,909 on April 12 and has since been trading above the crucial psychological level of $85,000.

Since then, the lead crypto asset has been exhibiting a lack of directionality and has traded in a narrow range between $82,765 and $86,491.

At the time of writing, Bitcoin was down 1.16% in the last 24 hours at $84,308 as the crypto market faced slight selling pressure in the early Sunday session with nearly $138 million reached in liquidations across the crypto market.

According to Glassnode, the volatility-adjusted Net Realized Profit/Loss indicator is a mean reversion tool that tends to oscillate around its long-term median.

This metric also acts as a good judge of relative market pain, which typically peaks at the turning point between a bull and a bear cycle.

According to on-chain analysis firm Glassnode, the indicator has now reset back to its neutral median value, which indicates that the Bitcoin market has reached a key decision point, and draws a line in the sand for the bulls to reestablish support in the current price range.