Bitcoin completes ‘perfect retest’ of this key level

Despite a recent very modest drawback, things are looking exceptionally good for the price of Bitcoin (BTC), which has just made a successful breakout to a positive chart pattern and completed a perfect retest of a critical level necessary for its bullish continuation.

As it happens, the flagship decentralized finance (DeFi) asset has gone through a breakout to a bullish pennant pattern with a perfect retest, according to the chart analysis shared by pseudonymous cryptocurrency expert Trader Tardigrade in an X post on December 20.

Specifically, as the analyst’s observations of the chart patterns suggest, the maiden crypto asset has recently made a breakout at the level around $42,500, followed by a successful retest of this exact price threshold, after which nothing stands in its way toward a bullish rally.

Bitcoin price analysis

Meanwhile, Bitcoin was at press time changing hands at the price of $42,846, which represents a slight decline of 0.63% in the last 24 hours but still indicates an increase of 4.31% across the previous seven days, in addition to gaining a more significant 15.13% over the past month, according to the latest data.

Earlier, crypto market expert Michaël van de Poppe noted that the correction seems to be over for the largest digital asset by market capitalization, expecting it to test the zone between $47,000 and $50,000 right before the spot Bitcoin exchange-traded fund (ETF) approval, as Finbold reported on December 19.

Indeed, multiple analysts believe that the approval of the first spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC) would set off a rally, possibly unlocking over $70 billion in capital and pushing it toward new highs, considering its explosive reaction to the false reports of approval in October.

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