Leading cryptocurrency Bitcoin (BTC) is struggling to stay above $60,000 and is also exhibiting volatile movements.
Stating that Bitcoin is at a critical point, Matrixport said that BTC is currently on the verge of breaking the contracting triangle pattern.
According to Matrixport, if Bitcoin breaks out of the current contracting triangle, it will trigger positive momentum. However, if the breakout fails, the BTC price may take longer to recover.
As Bitcoin finds itself at a critical crossroads, Matrixport analysts say they expect the market to recover ahead of Fed Chair Jerome Powell’s speech in Jackson Hole.
Moreover, analysts believe that the FOMC minutes to be released this week could bring a moderate signal for Bitcoin to rise.
“Bitcoin is positioning for a potential breakout from the current contracting triangle pattern, signaling an early but significant move.
If it breaks above, it could start a wave of positive momentum, while a break below could extend the price’s expectation of a recovery.
The catalyst for such a move could come from bullish sentiment in equity markets, which are expected to recover ahead of Fed Chair Powell's upcoming speech in Jackson Hole.”
Bitcoin, which rose above $61,000 in the morning hours, continues to be traded at $60,920 at the time of writing.
*This is not investment advice.