- BTC holds $69K support after breakout, confirming it as an important pivot in Cup and Handle formation from 2021–2024.
- Targets range from $113K to $260K; Fib 1.618 and average model point to $175K–$186K if structure holds.
- RSI at 39.21 and rising; MACD histogram narrows, indicating potential bullish reversal with continued price strength.
Bitcoin is retesting a technical level after forming a long term Cup and Handle pattern on the weekly timeframe. According to Egrag Crypto, this pattern, which spans from mid-2021 to early 2024, suggests a potential macro breakout.
BTC is trading around the $79,000 mark after bouncing from lower levels. Notably, the critical resistance turned support area around $69,000 has held firm during recent volatility. The pattern indicates continued bullish potential, but confirmation depends on key technical moves ahead.
Key Breakout and Retest Levels
The Cup phase began in 2021 and extended into early 2024, with Bitcoin forming a rounded bottom. This formation shows a phase of accumulation with reduced volatility. Following that, a short downward consolidation created the Handle, which precedes a breakout.
The neckline around $69,000 shows previous peak levels, including the all time high from 2021. Bitcoin retested this level, indicating its role as a key support zone. Egrag Crypto noted that if BTC maintains this structure, price targets based on various models could be activated.
These targets include $113,000 using a standard measurement and $260,000 on a logarithmic scale. The average between both is at $186,000, while a Fibonacci 1.618 extension points to $175,682.27.
Price and Volume Show Recovery
At press time, Bitcoin was trading at $79,429.55, a 5.87% gain in the past 24 hours. The daily candle shows strong buying pressure after dipping toward $78,800.
Notably, volume increased during this reversal, suggesting a potential capitulation wick followed by renewed buying interest. The daily range has a high of $80,875 and a low of $78,811.
This bounce shows buyer activity near the lower end of the range, which aligns with key support zones. If the asset remains above $78,000, it may test the next psychological barrier at $85,000. However, a break below $75,000 could force a revisit of the $69,000 support area.
Technical Indicators
The RSI is at 39.21, with the signal line at 44.17. This places BTC in bearish levels, although the RSI is turning upward. If it crosses 50, that would confirm a neutral to bullish momentum shift. Meanwhile, the MACD line is at -1,694.39 with a signal line of -1,305.27.
Though still negative, the narrowing histogram at -389.12 suggests diminishing downside pressure. A bullish crossover is a possibility if momentum continues to improve. Egrag Crypto also noted that XRP may face downward pressure if BTC reaches certain price points, suggesting a correlated market move.
