Apr 13, 2025
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Bitcoin Analyst Identifies Key Support Zone Indicating Possible Bullish Reversal
Crypto analyst BTCEarth indicates that Bitcoin may be nearing a significant reversal. Key insights include:
- A strong support zone near the historical breakout level from September 2024 is holding firm, with recent price touches at $74,434 and $74,588 suggesting a potential bottom formation.
- Volume supports this structure, indicating early signs of a bullish turnaround.
- Bitcoin is trading within a falling wedge pattern, with Line D as support and Line E as resistance. A confirmed move above Line E could validate this pattern and signal a bullish reversal.
Key resistance levels include:
- Immediate resistance at $80,000.
- Further resistance between $86,000 and $88,000, an area of historical consolidation.
- The major horizontal resistance at $100,000, a psychological and technical threshold.
BTCEarth concludes that while Bitcoin is stabilizing above critical support, a breakout above Line E could lead to a move toward the $88,000–$100,000 range. Caution is advised until this breakout occurs.
