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Bitcoin (BTC) has been sending mixed signals for the better part of a week as it has made scheduled ranging movement from a high of $26,514.72 to a low of $19,628.25 in the past week. At the time of writing, Bitcoin's price is consolidating from a recent temporary slump and is now trading at a spot price of $24,907.20, up 1.02% over the past 24 hours.
While the underlying advantage of Bitcoin as a reliable store of value, as being propagated by many of its proponents, still abounds, the correlation with the far-from-stable U.S. stock market is still weighing down the digital currency.
Amid broad uncertainty, top market analyst Ali, with the Twitter handle @Ali_Charts, shared a Bitcoin chart that showed the cryptocurrency is flashing a Bullish Megaphone pattern. According to him, this rare pattern has the tendency to push BTC into another bullish weekend as the one recorded in the past week.
#Bitcoin | If this bullish megaphone is the governing pattern behind $BTC price action, we could be about to witness another bullish weekend! pic.twitter.com/Ygy0w4bKUC
— Ali (@ali_charts) March 16, 2023
The Bitcoin price action has been quite impressive, and though corporate investors are hibernating, we have seen the impact of whales and retail traders stacking up the asset in recent times.
Bitcoin-altcoin correlation
The price growth and fall Bitcoin has been experiencing thus far has been steering corresponding movements from several key altcoins. With Bitcoin experiencing a marginal loss at the time of writing, Ethereum (ETH) is down by 1.27% to $1,659.28, while Solana (SOL) has lost 4.66% of its price to cost just $19.62 on exchanges.
It is not uncommon to find a number of altcoins that have decoupled from Bitcoin, at least temporarily. According to earlier reports from U.Today, decentralized perpetual-contracts-trading platform GMX is among the tokens whose decoupling was quite evident today.
Vladislav Sopov