ASCENDING CHANNEL BITCOIN PRICE BREAKOUT POSSIBLE DESPITE OKEX SCANDAL

Bitcoin, the king of cryptocurrencies, continues to navigate a volatile landscape.Earlier this week, it sparked excitement with a bullish surge to $11,725, buoyed by Square's $4,709 BTC purchase. Bitcoin the new gold? Analysts see 19-times upside by Dec 2025However, the momentum faltered, and the price retreated into a sideways range. Bitcoin the new gold? Analysts see a 19-times upside by Dec 2025This price action has left many wondering about the possibility of an ascending channel Bitcoin price breakout. Bitcoin price lost the bullish energy that took the price to $11.7K earlier this week but the current range may offer opportunities to swing traders.Adding fuel to the fire, the recent OKEx scandal, involving the halting of withdrawals due to their CEO's cooperation with Chinese authorities, has injected a dose of uncertainty into the market. 22 millones de d lares en Bitcoin se mueven de Huobi a OKEx a pesar del congelamiento de retiros; A corto plazo, parece probable que el trading del precio de Bitcoin caiga en el rea de 11,400 a 9,700 d lares, un rango que puede convertirse en el para so para los swing traders.Can Bitcoin overcome this hurdle and achieve a significant breakout? Ascending channel Bitcoin price breakout possible despite OKEx scandal bitcoin Octo Bitcoin Leave a comment Earlier this week Bitcoin ( BTC ) price entered a bullish breakout to $11,725 following the previous week s news that Square purchased $4,709 BTC but since then the price has slumped back into a sideways range.This article delves deep into the technical analysis, market sentiment, and potential scenarios that could shape Bitcoin's near-term future, exploring whether a breakout is still feasible despite the headwinds.

Understanding the Ascending Channel and Potential Breakout Scenarios

An ascending channel is a technical chart pattern characterized by higher highs and higher lows.It's formed by two upward-sloping parallel trendlines, acting as resistance and support levels. Ascending channel Bitcoin price breakout possible despite OKEx scandal Bitcoin price lost the bullish energy that took the price to $11.7K earlier this week but the current range may offerThe price oscillates between these lines, and a breakout occurs when the price decisively moves above the upper resistance line or below the lower support line. It s easy to say that a price break in the Ascending channel is not possible, given the recent OKEx scandal. However, it can be said that a breakout in this channel could still occur regardless of the current controversy surrounding OKEx.A breakout above the upper line typically signals a continuation of the uptrend, while a breakdown below the lower line suggests a potential reversal.

Currently, Bitcoin's price action appears to be retesting the support line of an ascending channel after dipping below $95,000.If Bitcoin can successfully hold this level, it could pave the way for another attempt at breaking above the channel's resistance.However, failure to hold the support could trigger a further decline.

Key Price Levels to Watch

Several key price levels are crucial for determining Bitcoin's short-term trajectory:

• Resistance: The upper trendline of the ascending channel.A decisive break above this level would be a strong bullish signal. Ascending channel Bitcoin price breakout possible despite OKEx scandal Bitcoin price lost the bullish energy that took the price to $11.7K earlier this week but the current range may offer opportunities to swing traders.Previous attempts near $11,500 have met with rejection, highlighting the significance of this resistance zone.
• Support: The lower trendline of the ascending channel. Ascending channel Bitcoin price breakout possible despite OKEx scandal Copy Link. Cointelegraph Subscribe. Collect. Share. WeChat.Holding this level is essential to maintain the bullish structure.
• Critical Support: $88,205.A break below this level could invalidate the ascending channel pattern and potentially signal a bearish reversal.

The Impact of the OKEx Scandal on Bitcoin's Price

The news surrounding OKEx halting withdrawals has undoubtedly cast a shadow over the cryptocurrency market. Earlier this week Bitcoin price entered a bullish breakout to $11,725 following the previous week s news that Square purchased $4,709 BTC but since then the price has slumped baOKEx is a major cryptocurrency exchange, and any disruption to its operations can have a ripple effect on the broader market.The uncertainty stemming from the investigation involving their CEO has led to increased selling pressure and a reluctance among some investors to enter the market.

While it's tempting to dismiss the possibility of a breakout given the OKEx situation, it's important to remember that Bitcoin has weathered numerous storms in the past.The cryptocurrency's underlying fundamentals and long-term potential remain intact.The impact of the OKEx scandal may be temporary, and the market could eventually recover and resume its upward trajectory.

How OKEx Affects Market Sentiment

The OKEx situation affects market sentiment in several ways:

• Reduced Confidence: Investors become wary when a major exchange faces regulatory scrutiny.
• Increased Volatility: Uncertainty leads to price swings as traders react to news and rumors.
• Liquidity Concerns: Halting withdrawals raises concerns about the exchange's solvency and the availability of funds.

Despite these concerns, it's important to note that the cryptocurrency market is becoming increasingly mature and resilient.Alternative exchanges and decentralized finance (DeFi) platforms provide options for traders and investors, mitigating the impact of any single exchange's problems.

Technical Analysis: Beyond the Ascending Channel

While the ascending channel provides a useful framework for analyzing Bitcoin's price action, it's crucial to consider other technical indicators and chart patterns to gain a more comprehensive perspective.

Analyzing Descending Parallel Channels

Some analysts have pointed out that Bitcoin has nearly broken out from a long-term descending parallel channel. Skip to main content Bitcoin Insider. MenuA breakout from such a channel would be a significant bullish development, potentially confirming the start of the fifth and final wave toward a new all-time high. Bitcoin Close Can Trigger Breakout. The Bitcoin price has nearly broken out from a long-term descending parallel channel. A breakout from it will confirm that the fifth and final wave toward a new all-time high has started. The first target for the high is between $85,100 and $88,600, while the second is $107,200.According to this analysis, the first target for the high would be between $85,100 and $88,600, while the second target is around $107,200.While these targets may seem ambitious, they highlight the long-term bullish potential that some analysts see for Bitcoin.

Other Bullish Indicators

Despite recent setbacks, several indicators suggest that Bitcoin's bullish momentum may not be completely exhausted:

• Price Action: Continues to indicate possible break above key resistance levels.
• Institutional Adoption: Increasing, as evidenced by Square's Bitcoin purchase and other institutional investments.
• Halving Effect: The reduced supply of new Bitcoins following the halving event continues to put upward pressure on prices.

Risk Management: Preparing for a Bearish Scenario

While bullish scenarios are enticing, it's crucial to acknowledge the risks and prepare for a potential bearish reversal.As mentioned earlier, a break below $88,205 could invalidate the ascending channel pattern and signal a deeper correction. 3.8K subscribers in the AllThingsCrypto community. A sub to discuss cryptocurrnecy.In such a scenario, it's essential to have a risk management plan in place, which may include setting stop-loss orders or reducing exposure to Bitcoin.

The ""New Gold"" Narrative and Long-Term Potential

The narrative of Bitcoin as ""digital gold"" continues to gain traction, with many analysts predicting significant long-term upside.Some forecasts even suggest a 19-times increase in Bitcoin's price by December 2025. Price action supporting a possible break above key resistance levels. Despite these bullish indicators, a break below $88,205 could signal a bearish reversal, but for now, Bitcoin s momentumWhile such predictions should be taken with a grain of salt, they reflect the growing belief that Bitcoin can serve as a store of value and a hedge against inflation.

Bitcoin as a Store of Value

Bitcoin's limited supply of 21 million coins makes it inherently scarce, which is a key characteristic of a store of value.Unlike fiat currencies, which can be printed at will by central banks, Bitcoin's supply is fixed and verifiable.This scarcity, combined with increasing demand, could drive Bitcoin's price significantly higher over the long term.

Hedging Against Inflation

In an era of unprecedented monetary stimulus and rising inflation, many investors are seeking alternative assets to protect their wealth.Bitcoin, with its decentralized and censorship-resistant nature, is increasingly viewed as a viable option. Why major Bitcoin futures exchange Bybit is integrating Chainlink price feed. Ascending channel Bitcoin price breakout possible despite OKEx scandal.As more investors recognize Bitcoin's potential as an inflation hedge, demand for the cryptocurrency is likely to increase.

Swing Trading Opportunities in the Current Range

Despite the uncertainty surrounding the OKEx scandal and the potential for a breakout or breakdown, the current range-bound price action may offer opportunities for swing traders. Beyond Content Marketing: 10 Steps to Real ROI With Content Operations marketingprofs.comSwing trading involves taking advantage of short-term price fluctuations by buying low and selling high within a defined range.

Identifying Entry and Exit Points

Swing traders can look for potential entry points near the support level of the ascending channel and exit points near the resistance level.Technical indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), can help identify potential overbought and oversold conditions, which can signal entry and exit opportunities.

Risk Management for Swing Traders

Risk management is crucial for swing traders.It's essential to set stop-loss orders to limit potential losses and to avoid over-leveraging.Swing trading can be a profitable strategy, but it requires discipline, patience, and a thorough understanding of technical analysis.

Addressing Common Questions About Bitcoin and Ascending Channels

Let's address some common questions related to Bitcoin and ascending channels:

What happens if Bitcoin breaks below the ascending channel support?

If Bitcoin breaks decisively below the ascending channel support, it could signal a potential bearish reversal.The price could decline further, potentially testing lower support levels. Earlier this week Bitcoin price entered a bullish breakout to $11,725 following the previous week's news that Square purchased $4,709 BTC but since then the price has slumped back into a sideways range.[BREAK] Several rejections near $11,500 and the recent news of OKEx halting all withdrawals as its CEO 'cooperates' with an investigation being carried out by Chinese authorities is alsoIt's essential to have a risk management plan in place to mitigate potential losses.

How reliable are ascending channel breakouts?

Ascending channel breakouts can be reliable indicators of a continuation of the uptrend, but they are not foolproof.It's important to confirm the breakout with other technical indicators and to consider the overall market context. Bitcoin price lost the bullish energy that took the price to $11.7K earlier this week but the current range may offer opportunities to swing traders. Earlier this week Bitcoin (BTC) price entered a bullish breakout to $11,725 following the previous week s news that Square purchased $4,709 BTC but since then the price has slumped back MoreFalse breakouts can occur, where the price briefly breaks above the resistance line but then quickly reverses.

Can the OKEx scandal derail Bitcoin's long-term growth?

While the OKEx scandal may have a short-term impact on Bitcoin's price, it's unlikely to derail its long-term growth.Bitcoin has proven its resilience in the face of numerous challenges, and its underlying fundamentals remain strong. Bitcoin price lost the bullish energy that took the price to $11.7K earlier this week but the current range may offer opportunities to swing traders. Source: Cointelegraph.com Original Post: Ascending channel Bitcoin price breakout possible despite OKEx scandalThe increasing institutional adoption and the growing acceptance of Bitcoin as a store of value are positive signs for its long-term prospects.

What other factors could influence Bitcoin's price?

Besides technical analysis and market sentiment, several other factors can influence Bitcoin's price, including:

• Regulatory Developments: Government regulations regarding Bitcoin and other cryptocurrencies can have a significant impact on market sentiment.
• Technological Advancements: Developments in Bitcoin's underlying technology, such as the Lightning Network, can improve its scalability and usability, potentially driving up demand.
• Macroeconomic Conditions: Factors such as inflation, interest rates, and economic growth can influence investor appetite for Bitcoin.

Conclusion: Navigating the Uncertainty and Identifying Opportunities

The possibility of an ascending channel Bitcoin price breakout remains a topic of intense debate, especially given the recent OKEx scandal. Blockcast.cc is a broadcasting news source for the blockchain community. Founded in Singapore. We have a network of partners in China, Hong Kong, South Korea, Singapore and MalaysWhile the scandal has injected uncertainty into the market, Bitcoin's underlying fundamentals and long-term potential remain intact. {{ menus.user.data_crypt.email }} {{item.text}} sharecastTechnical analysis suggests that a breakout is still possible, but traders and investors should be prepared for potential downside risks.Key takeaways include:

• Watch key price levels, including the ascending channel's resistance and support lines.
• Consider the impact of the OKEx scandal on market sentiment.
• Use technical indicators to identify potential trading opportunities.
• Have a risk management plan in place to protect against potential losses.
• Remember that Bitcoin's long-term potential as a store of value remains significant.

Ultimately, navigating the cryptocurrency market requires a combination of technical analysis, fundamental understanding, and risk management. The Bitcoin price has struggled to reclaim previous price highs above $100,000, with bearish sentiment dominating the market. Currently, the Bitcoin price is retesting the support line of an Ascending Channel after crashing below $95,000. A crypto analyst has predicted that if it can hold this keyWhile the future remains uncertain, opportunities exist for those who are willing to do their research and make informed decisions. Bitcoin price lost the bullish energy that took the price to $11.7K earlier this week but the current range may offer opportunities to swing traders. Earlier this week Bitcoin ( BTC ) price entered a bullish breakout to $11,725 following the previous week s news that Square purchased $4,709 BTC but since then the price has slumped back into aWhether you're a seasoned trader or a long-term investor, stay informed, stay disciplined, and remember that the world of cryptocurrency is constantly evolving.

Ready to dive deeper into the world of Bitcoin and cryptocurrency trading? Ascending channel Bitcoin price breakout possible despite OKEx scandalConsider exploring reputable resources for technical analysis and market insights to enhance your understanding and make informed decisions. Earlier this week Bitcoin (BTC) price entered a bullish breakout to $11,725 following the previous week s news that Square purchased $4,709 BTC but since then the price has slumped back into aAnd remember, always invest responsibly!