Bitcoin (BTC/USD) might be finding a floor after making fresh record highs last week.
Think the OG crypto is ready to extend its gains?
Let’s take a closer look at the 4-hour chart:
Bitcoin (BTC/USD): 4-hour
Bitcoin (BTC/USD) 4-hour Forex Chart by TradingView
Bitcoin raked in pips last week as traders shrugged off the U.S. tariff headlines and concerns in favor of pricing in potential interest rate cuts and improved market sentiment.
BTC/USD had been cruising with higher highs and higher lows since late June, eventually tagging fresh all-time highs just below $124,000 before pulling back to the $116,000 to $117,000 zone.
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Since then, price action has shifted gears, printing lower highs but still holding firm above $116,000. So far, BTC/USD looks like it’s forming a bullish pennant pattern, hugging a trend line support that’s been in play since late June.
Is BTC/USD ready to make new highs again?
Right now, the focus is on whether BTC/USD can break above $118,000. A clean move above that level could set the stage for a run back toward the $123,000 record highs.
On the flip side, if sellers take control, bitcoin might drift lower and retest that trend line support. And if BTC/USD drops below $116,000 and stays there, we could be looking at a breakdown that puts $112,000 or even $100,000 back on the radar.
Whichever bias you end up trading, don’t forget to practice proper risk management and stay aware of top-tier catalysts that could influence overall market sentiment.
Disclaimer:
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