PANews reported on March 26 that according to Matrixport analysis, Bitcoin is currently approaching a breakthrough of a key downward trend line, which has continued to suppress prices since the market sell-off around Trump's inauguration. Currently, Bitcoin is forming a "high compact flag", a technical pattern that is often seen as a bullish continuation pattern.
The report pointed out that Bitcoin has broken through the initial downward trend line (white line) and is testing a more important resistance level (gray line). If it successfully breaks through, it will send a signal that the downside risk has been significantly alleviated. Combined with the dovish tone of the Federal Reserve FOMC meeting, the market environment tends to be favorable, and this change has also been further verified on the technical side.
