Bitcoin's ascending flag pattern signals possible breakout soon

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The combination of Bitcoin’s bullish flag pattern and increasing buying pressure supports the expectation of an upward price breakout.

Bitcoin briefly tumbled below $50,000 earlier this week as the market saw the sharpest correction since the FTX crisis. The subsequent recovery, though, pushed the asset’s price above $57,000.

Despite the chaos in the broader market, bitcoin’s technical charts show a bullish flag, while on-chain data reveals rising buying pressure, reinforcing the bullish outlook.

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