Bitcoin Technical Analysis: 17 APR 2025
Bitcoin is printing an inverse head and shoulder pattern. Source: TradingView
General View
Bitcoin is finally starting to show bullish dominance. Bulls are challenging the descending trendline that has capped price action since February, while an inverse head and shoulders pattern is forming just below key resistance. Price is standing at a pivotal breakout point. A confirmed breakout above the neckline and sustained strength could pave the way for fresh upside.
On The Upside
An inverse head and shoulders formation is developing with the neckline breakout positioned at $86,000 to $86,400 levels. A clean breakout above this level backed by strong volumes would set the stage for Bitcoin to head higher and test resistances at $89K, followed by $90K, which is a major psychological level now for Bitcoin.
On The Downside
Ideally, bulls don’t want any more rejections from the neckline as it would signal weakness. The prevailing conditions have been very volatile, and if a rejection is confirmed, price could once again quickly fall towards $84,050, followed by $83,200. Meanwhile, as of now, the bullish threshold level is $82,000 as losing this would put renewed pressure on the price.
Bitcoin is lining up for a potential trendline breakout. Source: TradingView
