Bitcoin (BTC) continues to climb, recently reaching $83,780 with a 1.5% daily gain. Now, all eyes are on a potential reversal signal spotted by none other than John Bollinger, the inventor of the Bollinger Bands.
In a post shared on April 10 via TradingView, Bollinger drew attention to a “W-bottom” setup on the BTC/USD weekly chart, which could indicate a longer-term trend reversal—provided confirmation occurs.
“Classic Bollinger Band W bottom setting up in $BTCUSD. Still needs confirmation,” Bollinger posted on X.
This structure follows a dip below the lower Bollinger Band and a rebound toward $70,000. For the W-pattern to be validated, Bitcoin needs a weekly close above the 20-week simple moving average, currently sitting around $84,000.
Macro Trends Still Casting a Shadow
Despite the bullish chart pattern, broader economic factors remain in play. Bitcoin is closely mirroring stock market moves, particularly the Nasdaq and S&P 500.
Jurrien Timmer of Fidelity noted that the S&P has dropped from above to below two standard deviations from trend—potentially signaling a recovery phase, though not a full reversal just yet.
Economist Timothy Peterson added that BTC’s rebound may lag behind stocks. Historically, Bitcoin tends to lead during crashes, but trails equities during recoveries.
Support Zones Underpin BTC Stability
The $70,000 support level has become a focal point for traders and analysts alike. Peterson’s “Lowest Price Forward” model originally gave a 95% chance that BTC would hold above $69K, though volatile macro data has softened that outlook.
BTC Clears $83.5K Resistance, Targets $86K+
As of now, Bitcoin is consolidating above the $83,560 level—previously a triangle resistance—suggesting renewed upward strength.
- Current price: ~$83,780
- Key supports: $80,920 (50 EMA), $80,000, $77,800
- RSI: At 62, indicating healthy momentum with more room to run
- Next resistance levels: $86,400 and $88,600
- Breakout trigger: Close above $84K may open a path toward $91K
A weekly close above $84,000 would validate Bollinger’s W-bottom and reinforce a bullish outlook for Q2 2025.
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