Bitcoin (BTC) sustained above $29,000 mark at press time
Jelle highlighted that the only thing required is a resistance break ahead for the pattern to gain traction.
This #Bitcoin Head & Shoulders pattern has a target of $58,000.Needs to break the resistance ahead -- and we can get moving. pic.twitter.com/9H4Dj4jC0w— Jelle (@CryptoJelleNL) July 28, 2023
The head and shoulders pattern, an often reliable indicator, might suggest an imminent reversal. The pattern appears as a baseline with three peaks, where the outside two are close in height and the middle is the highest.
Bitcoin (BTC) sustained above the $29,000 mark at press time, having barely budged following the Federal Reserve's most recent rate hike.
At the time of writing, BTC was marginally down in the last 24 hours to $29,208.
Buying power remains on market
Since the end of March, trading volume has decreased and SSR has stagnated, while the circulating quantity of the stablecoin Tether (the largest stablecoin in terms of volume) has increased, followed by an increase in Bitcoin's price.
SSR demonstrates a high degree of exchange activity and a falling volatility trend, indicating a strengthening status of stablecoin buying power, which remains bullish.
One possible conclusion is that large investors have stockpiled stablecoins in anticipation of higher prices. A low SSR indicates that Bitcoin has great purchasing power, which indicates the possibility of a positive trend when large buyers reenter the market to buy.