- Bitcoin holds firm near $103K within a bullish triangle while ETH and TOTAL gain strength above critical EMA supports.
- Technicals signal a potential BTC breakout above $104K as Ukraine’s crypto reserve plan boosts macro sentiment.
- Ethereum, BTC, and the broader market align bullishly, but a breakdown below key levels could shift momentum sharply.
Bitcoin trades within a tightening triangle pattern according to analyst Skydelic, suggesting a potential breakout above $104,000 in the coming sessions. Currently priced at $103,075, Bitcoin remains in the upper range of its consolidation zone. The 4-hour data displays a strong technical structure, with price action supported by the 4H exponential moving average (EMA). This uptrend, initiated on May 5, remains intact as volatility narrows and directional pressure builds.
Besides Bitcoin, Ethereum also shows bullish alignment. ETH has reclaimed its daily 200-day EMA and is holding above its 4H 50 EMA. ETH/BTC also sits firmly above its 4H 50 EMA, reflecting capital inflow into altcoins. Moreover, the total crypto market cap (TOTAL) remains above a key swing high and the 4H 50 EMA. These confluences support a broader bullish continuation, assuming BTC does not lose its triangle support.
Triangle Formation and Key Technicals
Bitcoin trades between two converging trendlines—descending from $106,000 and ascending from near $101,000. This setup has matured over the past two weeks. The 4H EMA, now near $102,000, acts as critical support. Price has tapped this level three times, reinforcing its strength. Additionally, BTC’s price remains consistently above this moving average.
Source: Sykodelic
However, USDT.D has recently broken above its own 4H 50 EMA, suggesting temporary caution. Still, this deviation may reverse if Bitcoin regains momentum soon. The risk remains—if BTC breaks down below triangle support, ETH and TOTAL could lose their key levels too. That would invalidate the “no dip” bullish case.
Ukraine Moves Toward Bitcoin Reserve
On the macro side, Ukraine is preparing to establish a National Bitcoin Reserve. Lawmaker Yaroslav Zhelezniak is finalizing a new draft bill. This effort coincides with growing institutional interest and mirrors similar initiatives in the US. Consequently, sentiment around long-term crypto adoption continues to strengthen.
Additionally, Binance and other major players have voiced support for Ukraine’s crypto legislation. Kiril Khomyakov emphasized the need for regulatory clarity and praised the government’s forward-looking stance. The move could drive further confidence in the digital asset space, especially amid ongoing regulatory reforms worldwide.
