BTC price inches from new surge at $71K — Bitcoin Pi Cycle Top metric

Bitcoin (BTC) is eyeing a classical breakout determination that preceded some its 2017 and 2021 all-time highs.

In an April 12 X post, fashionable trader Jelle flagged a cardinal crossover owed connected Bitcoin’s Pi Cycle Top indicator.

Bitcoin Pi Cycle Top breakout tantalizingly close

Pi Cycle Top is simply a classical Bitcoin bull marketplace reflection tool. Consisting of 2 moving averages, it has consistently delivered macro apical signals for BTC terms action.

Now, Jelle notes, terms is coiling beneath the indicator’s longer-timeframe trendline — the 2X aggregate of the 350-day moving average, presently astatine $76,000, per information from on-chain analytics steadfast Glassnode.

“Once Bitcoin breaks the Pi Cycle moving mean — each bets are off,” helium wrote successful accompanying commentary.

“It's presently consolidating close beneath it — conscionable similar it did successful 2020.”

Bitcoin Pi Cycle Top indicator. Source: Glassnode

Pi Cycle Top efficaciously measures that moving mean with Bitcoin’s shorter-term 111-day counterpart. Macro tops travel erstwhile the second crosses the former.

BTC terms consolidation good wrong humanities norms

As Coitnelegraph continues to report, BTC/USD has spent aggregate weeks consolidating astir its erstwhile all-time highs of $69,000 acceptable successful November 2021.

Related: Bitcoin RSI points to short-term gains arsenic metric signals BTC terms top

While specified terms enactment has unnerved immoderate marketplace participants, others, including Jelle, spot it arsenic steadfast behaviour astir specified a captious intelligence enactment successful the sand.

In some 2017 and 2020, Bitcoin made akin moves, consolidating astatine all-time highs for 50 days and 2021 days, respectively.

“Currently we’re sitting astatine 37 days of consolidation astir the erstwhile each clip high,” chap trader Daan Crypto Trades wrote successful portion of a caller X station connected the topic.

BTC/USD chart. Source: Daan Crypto Trades

Continuing, Jelle maintained a near-term BTC terms people of much than $80,000.

“This ascending triangle has a people of $82,000,” helium explained alongside a illustration showing existent marketplace structure.

“I uncertainty bears tin support $71,500 for overmuch longer. Bring connected terms discovery.”

BTC/USD chart. Source: Jelle

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.