12.01.202221:53 Forex Analysis & Reviews: Bitcoin breakout signals upside continuation

The price of Bitcoin resumed its short-term rebound. At the time of writing, it was traded at 43,673.75. Today, it has climbed to as high as 44,099.05 where it has found temporary resistance. Technically, it has ignored strong immediate resistance levels announcing strong buyers and potential strong growth.

BTC/USD registered 11.48% growth from Monday's low to today's high. Its rally helped the altcoins to grow as well. The price escaped from a bullish pattern, so further growth is favored despite minor retreats.

BTC/USD in buyers' territory

As you can see on the H4 chart, the price of Bitcoin found support on the Descending Pitchfork's median line (ml). The false breakdown with great separation below this downside obstacle signaled that sellers are too exhausted.

Now, the rate jumped above the downtrend line, through the channel's upside line and resistance announcing an upside reversal in the short term. It's traded above the weekly pivot point of 43,339 level. Stabilizing above it may signal potential growth towards the Descending Pitchfork's upper median line (uml).

BTC/USD outlook

The breakout through the downtrend line and above the weekly pivot point signals potential further growth. Testing and retesting the broken levels could bring long opportunities with a first upside target and obstacle at 45,750 level. Also, the rejection by the median line (ml) indicates that it could be attracted by the upper median line (uml).