- Bitcoin tests $79,000 support amid rising wedge pattern.
- A breakout above the resistance could push Bitcoin above $85,000.
- Traders are watching closely for a price breakdown or upward breakout.
From the look of recent price movements, it is more evident than ever that some exciting market developments may be in the offing for Bitcoin. From the rising wedge chart, Bitcoin can be seen testing the upper trendline and approaching the all-important support level around $79,000. Either a retest of the $79,000 level or a breakthrough in higher price targets looks more probable from this vantage point. Hence, traders are watching this formation more closely, as this may dictate the Bitcoin outcomes in the near term.
#Bitcoin $BTC may be forming a rising wedge, potentially signaling a retest of the $79,000 support level. pic.twitter.com/NZOqYQldJG
— Ali (@ali_charts) April 13, 2025
Rising Wedge Formation and Market Sentiment
The rising wedge formation is one of the common technical patterns, which usually prophecies possible price movements either upward or downward. An upward price movement of the asset under two upward sloping trendlines builds this type of pattern. Channel tightening is the result. Bitcoin began testing the upper boundary of this channel, an indication that any advance in price may start to experience meaningful resistance.
Wedge formations usually come about just before a price correction or breakout. If Bitcoin fails to break through the top of the wedge, it may retest the lower boundary at approximately $79,000. Breaching through downwards from this level may characterize the downward move towards testing several more support levels. Breakdown or continuation upwards are being watched for very closely by traders and analysts alike.
Key Support at $79,000 and Potential Outcomes
Bitcoin’s price has reached a critical support level of $79,000, and many traders are looking at this zone for a potential reversal. This level of $79,000 is considered a psychological level where Bitcoin may support or drop. If Bitcoin fails to hold support at this level, further declines downwards could occur, essentially erasing recent Mt. Gox-induced gains.
Conversely, if Bitcoin edges higher in price, it will test higher levels above $79,000. Given the rising wedge, chances are that if the resistance at the upper trendline is broken by price action, then Bitcoin would be prepared for a possible breakout. Successful resistance breakout could lead Bitcoin to new targets set above $85,000.
What’s Next for Bitcoin?
The burning question for traders in Bitcoin right now remains: Will Bitcoin maintain its support at $79,000, or will we see a further price breakdown? As such, the pattern has two possible outcomes. Either Bitcoin breaks the rising wedge and heads toward new highs, or it goes for a correction retesting support.
Traders have been taking a good look at other market indicators to see which scenario is most likely. The next few days are crucial in defining whether Bitcoin keeps on its bullish momentum or rebounds on the price due to the rising wedge.
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