- Bitcoin holds $85K as falling wedge pattern forms
- Grok AI projects $100K BTC if $90K resistance breaks
- Golden cross and W pattern fuel BTC recovery hopes
Bitcoin is showing signs of recovery after weeks of uncertain movement. Price action near key support zones, coupled with technical indicators and macro developments, suggests bulls may be returning to the market. Traders are watching closely as Bitcoin attempts to sustain momentum near $85,000.
Bitcoin Key Support Holds as Chart Patterns Suggest Bullish Structure
Bitcoin is trading near $85,350 after breaching the $85,000 level in recent sessions. According to analysis prepared by BTCEarth, BTC has respected a long-standing support zone between $74,000 and $75,000, marked by multiple recent price bounces. The analyst noted this area could serve as the foundation for a new bullish cycle.
BTC is also forming a falling wedge pattern on the daily chart, which is commonly linked to bullish reversals. The lower boundary, labeled as Line D, remains intact, while Line E represents descending resistance. A confirmed breakout above Line E would support further upward momentum.
A golden cross appeared on April 13 at 11:00 UTC, contributing to Bitcoin’s climb above $85,000. By 20:45 UTC, BTC tested $85,850 but could not break through. The market then consolidated between $85,000 and $85,850. Volume remained steady as price action stabilized within this range.
Market Metrics and Forecasts Signal Cautious Optimism
According to an observation by Cheds, Bitcoin has broken out of a W pattern on the 4-hour chart. He explained that the throwback retest above the pattern suggests price confirmation. Cheds stated, “Regain $81,000 and we’re back in business,” pointing to strong support between $78,500 and $81,000.
Grok AI has also predicted a long-term bullish outcome, estimating that Bitcoin could reach $100,000 if the price clears $90,742 resistance. Meanwhile, Arthur Hayes cited rising bond yields and potential Federal Reserve responses as macro factors supporting BTC’s bullish outlook. Hayes urged traders to “buy everything,” expecting policy-driven liquidity boosts.
Bitcoin’s next key levels include support at $80,000 and resistance near $86,263. A break above the EMAs could reinforce bullish sentiment and trigger further upside. Traders remain alert to confirm whether this structure leads to a full breakout.
