BTC/USD Forex Signal: Ascending Triangle Signals Further Upside
GlobePRwire
Overview of the Current Bitcoin Market
The Bitcoin (BTC/USD) price has remained remarkably resilient, holding firm above the critical psychological support level at $90,000 as traders and investors position themselves ahead of several high-impact macroeconomic and regulatory events.
Over the past few sessions, the BTC/USD pair climbed to around $92,000, marking a strong recovery from the November low of $80,400. The LFtrade team offers a thorough and informative overview of this matter.
Fundamental Catalysts Driving BTC/USD This Week
1. CLARITY Act Senate Markup
One of the most important catalysts for Bitcoin price action this week is the upcoming Senate markup of the CLARITY Act. A markup refers to the process in which a proposed bill is debated, amended, and revised within a Senate committee before being presented for a full vote.
The CLARITY Act is widely regarded as the second most important piece of crypto legislation passed in Washington, following the GENIUS Act, which primarily addressed stablecoin regulation. The purpose of the CLARITY Act is to clearly define the regulatory responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) with respect to the cryptocurrency industry.
2. US Consumer Price Index (CPI) Data
Another major driver for Bitcoin this week is the release of the US Consumer Price Index (CPI) data on Tuesday. Inflation data remains one of the most influential factors shaping Federal Reserve policy expectations, which in turn affect risk assets, including cryptocurrencies.
Economists expect the headline CPI to rise to 2.7%, while the core CPI, which excludes volatile food and energy prices, is forecast to increase to 2.6%. If inflation continues to cool or comes in below expectations, it could reinforce expectations of future interest rate cuts, a scenario that is typically bullish for Bitcoin.
3. Retail Sales and Producer Price Index (PPI)
On Wednesday, the US will also publish the latest retail sales and Producer Price Index (PPI) figures. Analysts expect retail sales growth to slow from 3.5% in November to 3.0% in December, reflecting moderating consumer demand. Meanwhile, the headline PPI is projected to ease from 2.8% to 2.6%.
Together, these indicators provide insight into consumer strength and upstream inflation pressures, both of which influence risk appetite. Softer data could further support the narrative of a less restrictive monetary policy environment, boosting demand for BTC/USD.
BTC/USD Technical Analysis
Price Action and Moving Averages
The daily chart shows that Bitcoin dropped sharply to a low of $80,465 on November 21, extending the broader correction seen across the crypto market. However, this decline was followed by a strong bullish rebound, pushing the price to around $91,800.
Notably, Bitcoin is now trading slightly above the 25-day Exponential Moving Average (EMA), a key short-term trend indicator. Holding above this EMA suggests that bullish momentum is gradually strengthening.
Ascending Triangle Pattern
One of the most important technical developments is the formation of an ascending triangle pattern. This pattern is considered a classic bullish continuation structure, characterized by higher lows converging toward a horizontal resistance level.
In the case of BTC/USD, buyers are consistently stepping in at higher prices, indicating growing demand and accumulation pressure. Ascending triangles often resolve with a strong upside breakout, especially when confirmed by rising volume.
Cup-and-Handle Formation
Bitcoin has also formed a cup-and-handle pattern, another highly bullish technical setup. The upper boundary of this pattern is located near $94,895, and the price is currently forming the handle phase, which typically represents a brief consolidation before a breakout.
If BTC/USD breaks above the $94,895 resistance, it would confirm the pattern and signal a measured move higher, attracting additional momentum traders.
Murrey Math Lines Confirmation
Further strengthening the bullish outlook, Bitcoin has moved above the strong pivot reverse point of the Murrey Math Lines indicator. This move suggests a shift in market structure and increases the probability of continued upside price action.
BTC/USD Price Outlook and Forecast
With bullish chart patterns, improving technical momentum, and several high-impact fundamental catalysts on the horizon, the outlook for BTC/USD remains constructive. The initial upside target lies at $94,895, aligned with the cup-and-handle resistance.
A decisive breakout above this level would likely open the door to further gains, with the next major target at the Major Support/Resistance (S/R) pivot point near $100,000. Such a move would reinforce Bitcoin’s broader bull market structure and potentially attract renewed institutional inflows.
In summary, as long as Bitcoin holds above the $90,000 support, the ascending triangle pattern suggests that more upside remains likely in the near term.