Bitcoin is currently trading in a tight range between short-term supply and demand, following weeks of heavy selling pressure that sent shockwaves through the broader crypto market. The cryptocurrency has lost over 29% since its January all-time high and is now searching for direction.
Bulls must reclaim the $90,000 level to restore confidence and confirm the start of a recovery rally. However, uncertainty remains the dominant theme due to the broader macroeconomic backdrop, which includes trade war fears, global financial instability, and volatility in equities.
Top crypto analyst Ali Martinez suggests that Bitcoin may have completed a classic cup-and-handle formation, topping at around $109,000. This highlights that Bitcoin is currently without a defined direction, and its next move will depend on how the market responds in the days ahead.
Bitcoin has quietly rallied over 13% since its March 11 low near $76,600, with bulls now setting their sights on reclaiming the $88,000 level. The recent surge has brought cautious optimism to the market, but the path ahead remains uncertain. A critical technical and psychological test is looming as Bitcoin struggles to recover from a sharp downtrend.
Investor sentiment has been mixed, with some analysts calling for the start of a bear market due to growing macroeconomic concerns. According to Martinez, Bitcoin may have already completed a classic cup-and-handle pattern, topping out around $110,000. This technical blueprint suggests that the current correction may simply be part of a broader consolidation phase.
For now, bulls must defend current levels and build momentum to push past the $90,000 barrier. Until then, Bitcoin appears to be in a holding pattern, caught between the hope for a resumed uptrend and the fear of deeper downside risk.
Source: https://bitcoinist.com/bitcoin-cup-and-handle-breakout-stalls-below-115k-goal-analyst-notes