Apr 12, 2025
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Bitcoin Price Compressing Between $74,000 and $84,000 Resistance Levels
Bitcoin (BTC) is attempting to recover from a recent five-month low and reclaim the $84,000 resistance. The cryptocurrency has been trading within a range of $74,000-$84,000, influenced by market volatility.
Key Developments
- BTC reached a one-week high of $84,720 but dropped to $74,773 due to market corrections.
- A potential 13.7% drop to the $69,000 support level is possible unless BTC closes above $78,500.
- The price surged 13.5% since Monday, driven by U.S. President Trump's announcement of a 90-day pause on trade tariffs.
- On Thursday, Bitcoin retraced nearly 5% to the $79,000 support level, with analysts noting a need to reclaim the broken $80,000 support for bullish momentum.
- Rekt Capital indicated that BTC is compressing between the $78,500 support and a four-month downtrend resistance, which typically precedes volatility.
- Ali Martinez observed a potential retrace back to the $74,000 support zone, while also noting that BTC's Friday performance may indicate a sustained breakout toward $91,500.
- As of now, Bitcoin is trading at $83,640, reflecting a 1% decline over the week.
