Bitcoin is currently trading in a tight range between short-term supply and demand, following weeks of heavy selling pressure that sent shockwaves through the broader crypto market. After losing over 29% since its January all-time high, BTC is now searching for direction. Bulls must step up and reclaim the $90,000 level to restore confidence and confirm the start of a recovery rally. Until then, uncertainty remains the dominant theme.
Adding to this cautious sentiment is the broader macroeconomic backdrop, with trade war fears and global financial instability weighing heavily on investor confidence. Volatility in equities and geopolitical tensions have spilled into the crypto space, making it harder for Bitcoin to establish a clear trend.
Top crypto analyst Ali Martinez shared a technical analysis on X, revealing that Bitcoin may have completed a classic cup-and-handle formation, topping at around $109,000. However, this doesn’t necessarily signal further downside. Instead, it highlights that Bitcoin is currently without a defined direction.
For now, Bitcoin is holding its ground, but whether the next move is a breakout or a breakdown will depend on how the market responds in the days ahead.
Bitcoin Faces A Pivotal Test After 13% Rebound
Bitcoin has quietly rallied over 13% since its March 11 low near $76,600, with bulls now setting their sights on reclaiming the $88,000 level. This recent surge has brought cautious optimism to the market, but the path ahead remains uncertain. Bitcoin is currently facing a critical technical and psychological test, as it struggles to recover from a sharp downtrend that began after its January all-time high.
Investor sentiment has been mixed. Many entered 2025 with expectations of a strong bull run, but recent price action and growing macroeconomic concerns have prompted some analysts to call for the start of a bear market. According to Martinez, Bitcoin may have already completed a classic cup-and-handle pattern, topping out around $110,000—just $5,000 shy of the expected $115,000 target. If this technical blueprint holds true, the current correction may simply be part of a broader consolidation phase.
This view aligns with the idea that Bitcoin needs to stabilize before its next major move. Bulls must defend current levels and build momentum to push past the $90,000 barrier. Until then, BTC appears to be in a holding pattern, caught between the hope for a resumed uptrend and the fear of deeper downside risk.
BTC Price Hovers At $84K As Bulls Face Critical Resistance
Bitcoin is currently trading at $84,100 after several days of tight consolidation and slow price action around this level. Market participants are closely watching this range, as it represents a key short-term battleground between bulls and bears. For any meaningful recovery to take place, bulls must reclaim the $87,300 level, which aligns with both the 4-hour 200-day moving average (MA) and the 4-hour 200-day exponential moving average (EMA).
A decisive move above these indicators would likely spark a renewed push toward the $90,000 level, a psychological and technical barrier that could confirm the beginning of a short-term bullish trend. However, failure to reclaim $87,300 and maintain strength above $84,000 could tip the balance in favor of the bears.
If BTC loses the $84,000 support, the next likely target sits below $81,000, where lower demand zones could come into play. This would reinforce the ongoing uncertainty in the market and raise the risk of a deeper correction. As traders await direction, all eyes are on BTC’s ability to reclaim momentum and flip resistance into support. The next few sessions could be pivotal for Bitcoin’s short-term price structure.
Featured image from Dall-E, chart from TradingView
