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Bitcoin Holds Steady: $83K Support Setting the Stage for A Rally!

Date:

Bitcoin Technical Analysis: 2 APR 2025

BTC Technical Analysis

Bitcoin’s price chart for 2nd April 2025. Source: TradingView

General View 

Bitcoin remains in a steady uptrend, channeling inside an ascending parallel structure. The recent bounce from support reinforces bullish strength, with buyers defending key levels despite short-term retracements. As long as the price respects the channel’s lower boundary, the trend remains intact. If momentum persists, a push toward the upper boundary, around $91,000-$92,000, is within reach.

On The Upside

Immediate resistance stands at $85,450 and $86,310, with the descending trendline adding further pressure. A decisive breakout above these levels could open doors to higher targets, potentially extending towards the channel’s upper boundary. If Bitcoin clears $87,000, momentum may accelerate toward psychological levels near $90,000.

On The Downside, 

Bitcoin is attempting to establish emerging supports around $83,600 to $86,250, which aligns with recent demand areas. Losing this range could expose the short-term support at $81,600-$81,400, a key area that protected price against the previous selling pressure.

BTC Technical Analysis

Bitcoin is in a short-term ascending channel formation. Source: TradingView

Usman Ali
Usman Ali
A writer and market analyst with expertise in cryptocurrencies. He focuses on delivering clear, insightful, and well-structured content, emphasizing advanced trading strategies and in-depth market analysis. His writing style prioritizes clarity and professionalism, ensuring that complex market trends are easy to understand. He is keen on keeping his work organized, direct, and valuable for his audience.

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