Analyzing the movements of Bitcoin prices since I wrote my last analysison Feb. 12, 2025, I anticipate that the Bitcoin is trading near the target that has been fixed after completion of a bullish formation of a Cup & Handle in a weekly chart that completed in mid-July, 2024 while an Handle was supposed to be completed in Jan. 2025.
Undoubtedly, surging volatility in global economies soon after the beginning of US President Donald Trump’s 2.0, who decided to include Bitcoin as a part of the national reserve, started to interfere in the Fed’s policies on cryptocurrencies, resulting in wobbly moves by Bitcoin prices.
After testing a new high on Feb. 20, 2025, at $109495, Bitcoin not only defined the upside, started a steep decline and tested a low at $76,976 in the third week of Mar. 2025, just above the significant support at the 50 DMA at that time.
Bitcoin continued to remain in selling pressure after testing these low, facing constant resistance at $86450 before finding a strong reversal after testing a new low at $74708 during the second week of Apr. 2025, and after testing a strong support at 50 DMA, continued to remain in an uptrend due to the formation of a bullish crossover when the 9 DMA priced the 20 DMA in the second week of May 2025.
Undoubtedly, the undercurrent in Bitcoin is still bullish as the final target decided with the formation of the “Cup & Handle” formation - the depth of the Cup was $50270 from the beginning of the formation of a Cup, and when this depth amount is added to the close of this cup formation, target level of this bullish formation comes to $117,150.
Currently, Bitcoin is teetering at a pivotal point, a resistance defined with the height tested by the Bitcoin on Jan. 20, 2025, seems to be critical while maintaining a sustainable move above the 9 DMA at $101,222 as the formation of a bullish crossover beneath this makes the move in favor of the bulls but despite repeated attempts to sustain above the significant resistance at $111,961, tested recently makes the move in favor of the bears as the technical target is still at a distance.
I anticipate that the Bitcoin could make a final attempt to hit this technical target at $117,144 before the advent of the next selling spree, and then that selling spree will be extremely steeper as the financial experts are still full of doubts over the safe haven potential of the crypto currencies to be included in the national reserves by the central banks.
Disclaimer: Readers are requested to take any position in Bitcoin as this analysis is based only on observations.
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