Bitcoin Technical Analysis: 8 APR 2025
Unfilled CME gap on Bitcoin. Source: TradingView
General View
Despite weak market conditions and heavy pressure, Bitcoin sellers were unable to break below the crucial $77,000 to $78,000 support range. This failure sparked a sharp intra-day short squeeze, allowing BTC to bounce swiftly off the lows. The reaction highlights the significance of this demand zone, where buyers continue to step up aggressively. However, the structure remains fragile, as bulls are still not out of the woods. Expecting price to remain in a tug-of-war between bears pushing for the breakdown while bulls trying to build a base above the current supports.
On The Upside
Bitcoin has shown signs of early strength after dipping into key support, but the real challenge lies ahead. Bulls faces layered resistances starting from $79,950 levels. It will be a major challenge for the bulls to climb above this hard resistance to gain any sustainable upside into $81,800, followed by the CME level at $83,850.
On The Downside
Support at $77,000 to $78,000 has held for now, but it remains vulnerable to renewed selling pressure. If this range breaks down decisively, Bitcoin could fall toward the next key support near $73,000, which was previously avoided despite intra-day price breakdown.
Bitcoin’s important supports held once again! Source: TradingView
