TRENDING:

XAU/USD

EUR/USD

Bitcoin Technical Analysis: BTC/USD has formed bearish pennant pattern, price could be packing its bag ready to head south

Bitcoin price was seen holding modest gains on Wednesday, some 0.6%.
BTC/USD price action has formed a bearish pennant pattern, subject to a break lower.

Ken Chigbo Independent Analyst

BTC/USD 60-minute chart

Spot rate: 6552.0

Relative change: +0.66%

High: 6557.6

Low: 6414.1

Trend: Neutral

Support 1: 6236.4, 100MA.

Support 2: 6287.0, 50MA.

Support 3: 5951.3, lower part of pennant pattern & demand zone.

Resistance 1: 6629.6, upper part of pennant pattern.

Resistance 2: 6800.0, supply zone.

Resistance 3: 7095.1, (resistance on 60-minute chart).

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.

Cardano Price Forecast: Bullish momentum persists as traders stay cautiously optimistic

Cardano (ADA) is trading slightly lower on Monday, finding support around the key technical level at $0.186. ADA pauses its gains at the start of this week after posting a massive 31% rally in the previous week.

Top 3 Price Prediction: BTC maintains recovery, ETH challenges 50-day EMA, XRP breaks higher

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) began the week on a constructive note after surging over 6%, 13% and 10% in the previous week. BTC holds steady around $63,500, ETH approaches a key technical resistance at $1,800, while XRP has broken above the upper boundary of a falling channel, strengthening the bullish outlook.

Crypto Market Overview: Steady recovery in Bitcoin nears key resistance – PUMP and HYPE lead gains

Bitcoin steadies above $63,000 following a five-day recovery stretch last week, totaling roughly 7% gains. Easing risk-off sentiment in the broader market supports the mild recovery in action, with Pump.fun and Hyperliquid leading gains over the last 24 hours.

Bitcoin rebounds above $62K amid weak US jobs data, uncertainty among options traders

Bitcoin (BTC) rebounded after weaker-than-expected US labor market data eased expectations for tighter monetary policy. In a report on Friday, crypto asset manager CoinShares stated that the recovery does not yet signal the start of a sustained uptrend, as restrictive Federal Reserve (Fed) policy and lingering market headwinds weigh on sentiment.

Bitcoin: Quarter-end rebalancing might fuel BTC next bullish move

Bitcoin (BTC) is up over 3% so far this week, trading above $61,800 at the time of writing on Friday after slipping to a 21-month low earlier this week. Institutional selling continued, with spot Exchange Traded Funds (ETFs) recording net outflows of over $520 million through Thursday, pointing to the eighth consecutive week of withdrawals.