Odaily Planet Daily News Matrixport published a daily chart analysis on the X platform, saying that Bitcoin is approaching a breakthrough of a key downward trend line, which has been suppressing prices since the market sell-off before and after Trump's inauguration. Currently, Bitcoin is forming a "high compact flag", a technical pattern that is often seen as a bullish continuation pattern.
Currently, Bitcoin has broken through the initial downward trend line and is testing more important resistance levels. If it can successfully break through, it will release a signal that the downside risk has been significantly alleviated. Combined with the dovish tone of the Federal Reserve FOMC meeting, the market environment has become more favorable, and this change has been increasingly verified on the technical side.