Bitcoin (BTC) is trading with a slight bullish bias at $92,647, but technical analysts are sounding alarms. Crypto chartist Melika Trader has identified a developing head-and-shoulders pattern on BTC’s 4-hour chart, often seen as a prelude to a major reversal.
The structure includes a double-headed top, with the right shoulder now forming.
Source: Tradingview
Melika notes that Bitcoin could attempt a fake breakout above the $87,000–$88,000 resistance range—sucking in breakout traders—before sharply reversing. If confirmed, this setup projects a potential decline to $78,000, aligning with March’s key support zone.
“This is a classic bull trap scenario,” said Melika. “The neckline is holding for now, but momentum is fading.”
DXY Weakness Boosts BTC—but Resistance Looms
The recent surge in Bitcoin came as the U.S. Dollar Index (DXY) dipped below the 100 mark, weakening the greenback and enhancing BTC’s appeal as a macro hedge.
This has pushed daily trading volumes past $37 billion, with BTC still commanding the top spot in crypto rankings and boasting a $1.83 trillion market cap.
Despite short-term weakness, longer-term sentiment remains cautiously bullish. Bitcoin’s circulating supply of 19.85 million out of a 21 million max supply continues to fuel scarcity narratives.
However, with major resistance zones near $94,737 and psychological pressure at $100,000, bulls may face turbulence ahead.
Bitcoin Key Technical Levels and Trade Setup
For newer traders, here’s how to approach the current price action:
Buy Entry 1: On bounce from $91,585 (Fib 0.382) with bullish candle close
Buy Entry 2: On confirmed breakout above $94,737 with strong volume
Bitcoin Price Chart — Source: Tradingview
Trade Targets:
Primary: $96,525
Secondary: $98,386
Stop Loss Options:
Conservative: Below $89,631 (Fib 0.618)
Aggressive: Below $90,610
The 50-period EMA at $88,405 is climbing, reinforcing the underlying trend, but the MACD histogram has flipped red—hinting at fading momentum. Until price decisively clears $94,737, traders should beware of fakeouts that could trigger sharp downside.
Conclusion
Bitcoin may be gearing up for a breakout—or a bull trap. A sustained move above $94.7K could open the door to $98K. But if the head-and-shoulders pattern plays out, a steep drop to $78K might be next.
As always, let price action guide your decision-making, and avoid chasing moves without confirmation.
BTC Bull Token Surges Toward $5M—83% Staking Yield Fuels Demand
Investor interest in BTC Bull Token ($BTCBULL) continues to grow, with the Ethereum-based meme coin nearing a major milestone. As of Thursday, the ongoing presale has raised $4,961,268.35, just shy of its next pricing threshold at $5,741,234.
At the current rate of $0.00248 per token, buyers still have a limited window before the next price revision takes effect.
Unlike traditional meme coins, BTCBULL combines high-yield staking incentives with Bitcoin-denominated rewards. This hybrid utility is proving attractive to retail buyers and crypto veterans alike.
83% APY and Flexible Staking Terms
What sets BTCBULL apart is its dual-income staking model. Investors can stake tokens and earn an estimated 83% annual yield, all while retaining the flexibility to withdraw at any time—no lockups required.
Latest Staking Stats:
Total Tokens Staked: 1,268,011,229 BTCBULL
Annual Yield: 83% APY
Unstaking Terms: Available anytime
The appeal lies in its structure—offering potential upside with passive returns, underpinned by periodic Bitcoin distributions. It’s an approach designed to reward both short-term speculators and long-term holders.
Presale Snapshot and Price Outlook
The BTCBULL presale is now in its final leg before a scheduled price bump. With just under $800,000 left before the token’s next pricing tier, the clock is ticking for those looking to buy at sub-$0.0025 levels.
Presale Metrics (as of today):
Token Price: $0.00248
USDT Raised: $4.96M out of $5.74M target
For those seeking yield with upside optionality, BTCBULL offers a fresh alternative in the meme coin landscape. With the next price increase fast approaching, current buyers are locking in early access at one of the most competitive rates in the market.
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