Bitcoin Technical Analysis: BTC/USD bulls really have their work cut out

Bitcoin trading with very modest gains of just over 1% in the session on Wednesday.
BTC/USD price action moving within a narrow range at the moment, subject to a near-term breakout.

Ken Chigbo Independent Analyst

BTC/USD 15-minute chart

BTC/USD 15-minute price action moving within a narrow range formation, between $3800-900 area.

Spot rate: 0.3345

Relative change: +1.01%

High: 3965.82

Low: 3866.12

Trend: Neutral

Trends:
    Daily SMA20: 3551.87
    Daily SMA50: 3615.41
    Daily SMA100: 3956.94
    Daily SMA200: 5258.35
Levels:
    Previous Daily High: 3970.9
    Previous Daily Low: 3843.38
    Previous Weekly High: 3655.36
    Previous Weekly Low: 3536.68
    Previous Monthly High: 4110.71
    Previous Monthly Low: 3341.58
    Daily Fibonacci 38.2%: 3922.19
    Daily Fibonacci 61.8%: 3892.09
    Daily Pivot Point S1: 3831.71
    Daily Pivot Point S2: 3773.78
    Daily Pivot Point S3: 3704.18
    Daily Pivot Point R1: 3959.23
    Daily Pivot Point R2: 4028.83
    Daily Pivot Point R3: 4086.76

BTC/USD 60-minute chart

Price action is moving within a near-term ascending channel pattern formation.

BTC/USD daily chart

A chunky amount of supply is observed from $4000 up to the $4500 price range.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

Arthur Hayes' “Holy Trinity” is dead: Exits Zcash after Orchard Pool exploit

Arthur Hayes has entirely dumped his “Holy Trinity” holdings by offloading his Zcash holdings on Friday. The selling reflects Hayes meticulously trimming his crypto holdings after the sale of Hyperliquid and NEAR Protocol on Thursday.

Top 3 Price Prediction: BTC eyes $60,000, ETH risks $1,750, XRP could test $1

Bitcoin, Ethereum, and Ripple prices edge lower on Friday, extending a steady decline of roughly 15% so far this week. Institutional outflows weigh on Bitcoin and Ethereum while XRP largely follows the broader market trend.

DeFi hack losses drop 80% from 2022 peak as security defenses improve — Immunefi

Losses from decentralized finance exploits have fallen by 80% since reaching a record high in 2022, according to a report released by Immunefi. The report found that DeFi protocol losses declined from $2.62 billion in 2022 to $534 million in 2024.

Ethereum Price Forecast: BitMine's Strategy-inspired stock offering likely to fuel ETH purchases

Ethereum (ETH) is down more than 1.7% over the past 24 hours on Thursday, extending its weekly decline by 12% despite positive feedback following Ethereum treasury firm BitMine Immersion Technologies' (BMNR) plan to launch a Series A Perpetual Preferred Stock.

Billions in ETF outflows don’t bode well

Bitcoin (BTC) remains under pressure, trading below $74,000 on Friday, and is set to post its third consecutive week of losses. The institutional sell-off continues, with spot BTC Exchange-Traded funds (ETFs) recording billions in outflows. In addition, sticky inflation and macroeconomic headwinds suppress the Crypto King’s upside potential. Institutional demand continues to weaken so far this week.

Legal Text

Editor's Picks