Bitcoin Breakout: What are the chances?

Bitcoin is caught inside a parallel channel that making lower lows and lower highs since last week.

 Bitcoin price today is $48,151.46 USD with a 24-hour trading volume of $31,064,962,333 USD. Bitcoin is up 0.66% in the last 24 hours, with a market cap of $909,930,415,820 USD. It has a circulating supply of 18,897,256 BTC coins.

Bitcoin Breakout
Source: Tradingview

Bitcoin Breakout: Analysis

Bitcoin is currently holding the support level of $47322, where it dropped yesterday. A breakout from such a channel making lower lows and higher highs from considerable support can be Bullish and trigger the price rally up to $54,000, the price level of December 03, 2021. The local resistance is at $49,250 at fib 0.5.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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