Bitcoin surged sharply Tuesday after President Donald Trump announced a pause on new tariffs for non-retaliating countries, reigniting bullish sentiment across crypto and equities markets. The move fueled optimism among investors, with analysts saying Bitcoin’s long-term $100,000 price target may now be “back on the table.”
The flagship cryptocurrency spiked nearly 9% to retest the $83,000 level, recovering most of its losses from earlier in the week. As of press time, Bitcoin (BTC) was trading at $82,423 and approaching a critical breakout level on technical charts.
Falling Wedge Pattern Signals Bullish Breakout
Bitcoin’s recent rally brings it closer to confirming a falling wedge breakout, a bullish chart pattern forming since December 2024. A falling wedge occurs when prices contract between two downward-sloping, converging trendlines—typically preceding a breakout to the upside.
- Resistance Level: $83,000 (upper wedge trendline)
- Support Level: ~$71,100 (wedge apex)
- Bullish Target (June 2025): $100,000 if breakout confirms
Failure to break above the wedge may lead to another pullback within the pattern, possibly toward the $71,100 level. However, even a rebound from that support zone could set up a conservative upside target near $91,500.
On-Chain Data Reinforces Bullish Outlook
According to blockchain analytics firm Glassnode, Bitcoin’s recent rebound aligns with a critical on-chain support zone between $65,000 and $71,000. This range includes:
- Active Realized Price: $71,000
- True Market Mean: $65,000
These metrics reflect the average cost basis of current active investors—excluding dormant or lost coins—and are considered strong indicators of market sentiment.
“We now have confluence across several onchain price models, highlighting the $65K to $71K price range as a critical area of interest,” wrote Glassnode analysts. “A breakdown below this level would likely turn market sentiment negative.”
Technical Risk: Key Bitcoing Support Levels to Watch
Despite the bullish setup, analysts caution that a drop below the on-chain support range would put Bitcoin’s $100K target at risk. The next critical level is the 50-week exponential moving average (EMA) at $77,760. Historically, this has acted as a trend-defining support during bull markets.
If that level fails, Bitcoin could slide further toward the 200-week EMA, currently around $50,000—a scenario last seen during bear market breakdowns in 2021-2022 and 2019-2020.
The Big Picture: Macro Conditions Matter
Trump’s tariff pause appears to be a key macro catalyst behind the Bitcoin bounce, temporarily easing fears of a broader risk-off environment. If U.S. equities maintain strength and political uncertainty remains contained, analysts believe Bitcoin could resume its climb toward six figures in the months ahead.
What’s Next For Bitcoin?
- Confirmation of wedge breakout above $83K
- Continued strength in U.S. equities and macroeconomic stability
- Weekly close above 50-week EMA for bullish momentum
With market conditions shifting rapidly and key support zones holding—for now—Bitcoin bulls may be closer than ever to re-visiting the $100,000 mark.
– Bitcoin (BTC) Updates and Coverage from FingerLakes1.com
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