Bitcoin (BTC) bulls are trying to start a recovery but selling at higher levels continues to disarm each attack of the range highs. Veteran trader Peter Brandt said in a post on X that Bitcoin has broken down from a bear wedge pattern, giving it a target objective of $65,635.
The current macroeconomic environment and the fears of a prolonged trade war have created a 40% possibility of a recession in 2025, according to Coin Bureau founder Nic Puckrin. Puckrin said that a recession and the current macroeconomic uncertainty could put pressure on risky assets such as cryptocurrencies.
Crypto market data daily view. Source: Coin360
However, not everyone is bearish on Bitcoin in the near term. Analyst Stockmoney Lizards said in a post on X that Bitcoin’s local bottom could be between $82,000 and $80,000. The analyst anticipates Bitcoin to make a reversal next week.
If Bitcoin starts a recovery, select altcoins are likely to move higher. Let’s look at the charts of the top cryptocurrencies that are showing a bullish setup.
Bitcoin price analysis
Bitcoin’s failure to rise above the resistance line may have tempted selling by traders. The bears will try to pull the price toward the critical $80,000 support.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day exponential moving average ($85,253) is flattish, and the relative strength index (RSI) is just below the midpoint, giving a slight advantage to the bears. If the $80,000 support cracks, the BTC/USDT pair could plunge to $76,606.
On the other hand, if the price turns up from the current level or $80,000, it improves the prospects of a rally above the resistance line. If that happens, it suggests an end of the corrective phase. The pair could rally to $95,000 and then to $100,000.
BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The 20-EMA has turned down on the 4-hour chart, and the RSI is in the negative territory, signaling that bears are in control. If the price turns down from the current level, the pair could slide to $80,000 and then to $78,000.
Buyers will have to drive and maintain the price above the 20-EMA to signal strength. The pair…
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