Adding to the bullish technical formation, Bitcoin's distribution 'danger zone' has officially ended, according to popular analyst Rekt Capital.
A popular Bitcoin chart formation suggests that Bitcoin's (BTC) price could break out from its current range. However, this week's macroeconomic news could also significantly impact the price. Can Bitcoin break out to the upside?
On the four-hour chart, Bitcoin price printed an inverse head and shoulders pattern, a formation used by technical analysts to predict the reversal of a previous downtrend.
Based on the technical formation, Bitcoin could rally to the upside if a break above the trendline occurs, according to a May 13 X post from crypto investor Quinten Francois, who wrote:
