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Bitcoin (BTC) could extend its recent rally toward $98,000 after breaking above a bull flag pattern, a technical formation that suggests a continuation of the prior upward trend.
This move was accompanied by a significant unwinding of bearish positions, adding momentum to the asset's advance. 21, Bitcoin surged more than 5%, reaching an intraday high near $85,285.
This price action decisively broke above the upper trendline of a bull flag visible on the daily chart.
The pattern formed after Bitcoin rallied almost vertically from approximately $62,500 in August to above $81,000, creating the vertical "flagpole" portion of the setup.
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