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Bitcoin Awaits Triangle Breakout as Price Squeeze Continues

Bitcoin‘s (BTC) price is largely unchanged on the day and maybe building for a strong exit from the weeks-long tight trading range.

The leading cryptocurrency hit highs above $4,100 on Jan. 8 before moving lower to around $3,500, where it’s become trapped in a tightening trading range.

The bears have persistently failed to keep prices below $3,500, weakening the bearish case put forward by the 9 percent drop seen on Jan. 10. That strong support level has seen the formation of a descending triangle pattern over the last 2.5 weeks, with an upper edge at $3,600 and the base located near $3,500.

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