Why Investors May Want to Watch Bitcoin Price for a 10% Move

• Bitcoin price consolidates to $19,000 as bulls repair technical structure.
• A symmetrical triangle pattern on the eight-hour chart suggests a 10% bullish breakout to $20,915.
• Bitcoin price’s impending breakout may delay due to low trading volume on Sunday.

Bitcoin price is hovering around $19,000 as it gathers liquidity for the next move. This week’s trading was characterized by challenging external forces from the UK’s Bank of England (BoE) and the United States Federal Reserve (Fed).

The latter raised interest rates by 0.75%, with Jerome Powell, the Fed chairman, reiterating that inflation must be fought. Although the BoE announced slightly less stringent measures, the 0.50% interest rate hike led to a 14-year high.

The Bitcoin price and the crypto market have been feeling the pinch as investors shun risky assets. In other words, there just isn’t enough demand behind BTC for a rally despite analysts calling a price floor around $18,000.

read more: Bears Holes in Bitcoin Price Technical Structure Amid Sharp UK Recession

Can traders squeeze in more gains from the Bitcoin price?

Bitcoin bulls have a challenging task – defending the inflection point at $19,000. On the upside, a breakout is on the horizon following the formation of a symmetrical triangle pattern. The upper falling trend line shows that sellers are not ready to let go of the Bitcoin price. However, the pattern’s rising trendline cements the buyers’ presence in the market.

As shown by the OBV (On Balance Volume) indicator, low trading volume means consolidation – and is synonymous with triangle breakouts.

The Moving Average Convergence Divergence (MACD) indicator on the same four-hour chart shows a positive outlook. Bitcoin price’s 10% breakout above the triangle will gain traction as the MACD moves closer to the midline. Movement into the positive region (above the midline) will confirm BTC’s bullish outcome.

BTC/USD four-hour chart

The IOMAP chain model of IntoTheBlock (ITB) presents a conflicting view, as observed in the chart below. As the Bitcoin price rises towards the triangle target of $20,915, it may face heavy overhead pressure stemming from the 1.09 million addresses that previously bought approximately 575,000 coins between $19,617 and $20,156.

Bitcoin IOMAP Model

For a bullish breakout to $20,915, Bitcoin price must use this quiet period to accumulate enough liquidity to overpower potential sellers. Otherwise, a recovery over $20,000 would remain a dream in the range of losses as far as $14,000.