Snuggling back under the $40,000 mark, Bitcoin has performed what many analysts are calling a “Bart pattern” named for none other than the lovable scamp lampooning America’s juniors on the legacy TV cartoon The Simpsons.
A “Bart” structure is composed of a rise followed by some spiky back-and-forth action, and an eventual decline, which represents the other side of Bart’s head, as described in this William Suberg story today at Cointelegraph.
“Bitcoin (BTC) reversed in classic fashion on March 10 after bulls failed once again to hold higher levels,” Suberg writes. “Data from Cointelegraph Markets Pro and TradingView showed BTC/USD forming a characteristic “Bart Simpson” retracement pattern overnight on Wednesday. The pair had managed to pass $42,000 before consolidating, but a lack of support meant that a drop back to its previous trading zone below $40,000 was the grimly familiar outcome.”
Suberg clarifies that the current formation isn’t the only “Bart moment” that BTC/USD has had in recent times.
“Such ‘Bart formations’ had come several times in the weeks prior and underscored the difficulty experienced by a market stuck firmly in an established trading range for months,” Suberg writes. “Those hoping for upside continuation were thus left disappointed with cross-crypto liquidations for the 24 hours to the time of writing totaling $211 million, according to data from analytics resource Coinglass.”
Coming up, we have the consumer product index numbers coming out, as well as more action from the Federal Reserve and FOMC.
“The interest rate decisions, monetary policy statements and press conferences held by the Federal Open Market Committee (FOMC) are one of the most important events in global markets,” writes an analyst at Interdax on Medium. “These events usually have a high impact on many assets, especially USD currency pairs, gold and oil. While bitcoin (BTC) is still a relatively small market it has often exhibited reactions to the actions of the FOMC.”
So keep an eye on BTC prices.