Bitcoin Poised to Break Out as Bristol-Myers Fuels Biotech Rally, While Oil Slumps
• Bitcoin's price is trading within a pennant chart pattern, which typically signals a continuation of the current trend. A breakout could lead to a move up to $48,000 resistance.
• Oil prices may face renewed selling pressure after a death cross formed on the charts, with the 50-day MA crossing below the 200-day MA.
• The Biotech ETF's price trades just below the upper trendline of a descending channel, potentially poised for a breakout to the upside.
• Bristol-Myers is acquiring biotech company Karuna Therapeutics for $14 billion, sending the Biotech ETF up 3.5% Friday.
• Key technical levels to monitor include Bitcoin's $48,000 resistance, oil's support trendline near 2023 lows, and the Biotech ETF's $120 overhead resistance.