- A falling wedge pattern in Bitcoin usually indicates an upcoming bullish breakout pattern.
- Market participation reached new heights because trading volume jumped by 15.70% in this period.
- The price area around $84.5K has demonstrated robust support while keeping traders in an undecided state.
Bitcoin (BTC) maintains steady position at $84,514 despite price shifts that include a 0.96% daily decrease and market volatility. The market may experience a breakout according to technical patterns which Crypto Fella and other analysts predicts a bullish falling wedge formation.
Bitcoin (BTC) price analysis
Bitcoin (BTC) continues to trade in a relatively narrow range, closing at $84,514,marking a slight dip of 0.96% for the day.Although the cryptocurrency dropped steeply from its late December 2024 peak above $100,000 it has stabilized but cannot establish a strong price rebound. Price movements stay unprofitable due to a lack of strong momentum from either bullish or bearish pressure. Market indecision has taken hold as traders keep their assets stable during these periods of volatility because they seek a specific event to challenge the current price pattern.
Technical signals provide both bearish and bullish indications regarding current market conditions. The Relative Strength Index (RSI) shows neutral market conditions because its value rests at 51.63. The Moving Average Convergence Divergence (MACD) indicator presents a bullish tilt but shows a weak upward momentum since the MACD line currently appears at 465 above the signal line standing at 82.
Source:Tradingview
The shallow position of the histogram indicates minimal market conviction as shown through the chart data. Experts predict BTC price movements will stay stable throughout the upcoming weeks unless it crosses above $90,000 or below $80,000 resistance and support lines decisively.
Bitcoin Eyes Breakout from Falling Wedge
Analyst Crypto Fella predicts that Bitcoin (BTC) will experience a crucial upward trend at its current $84,680 range due to its weekly falling wedge formation. Bitcoin technical analysts forecast an upcoming bullish momentum based on a historical analysis of similar wedge patterns observed both in mid-2023 and late 2024 which triggered significant price gains.
Source:X
The consolidation phase at key support levels shows powerful buying demand and weak selling activity according to the purple-marked area. A successful break from the wedge pattern by BTC could drive the crypto market toward the $90,000 to $100,000 price range which would indicate a strong bullish sentiment in the bull cycle.
Current Bitcoin price
Bitcoin (BTC) is currently trading at $84,514.94 at the time of writing based on CoinMarketCap data which shows a 0.96% market drop during this period of extremely active trading. The trading volume reached $15.48 billion which exceeded the previous mark by 15.70% while the price dropped.
Source: Coinmarketcap
The market capitalization value of Bitcoin currently reaches $1.67 trillion while its fully diluted valuation (FDV) reaches $1.77 trillion. The current BTC in circulation stands at 19.85 million of the maximum 21 million total supply. Bitcoin’s price volatility showed an initial price drop below $84,000 after which it made a small bounce because traders participated in buying when the price decreased.
