NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Restored Falling Wedge Pattern Sees Bitcoin Rising above $11,500

Yashu Gola
Yashu Gola
1 year ago
2 mins read
bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, cme bitcoin futures, crypto

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

  • It appears Bitcoin missed a medium-term upside target above $11,500 after undergoing a significant sell-off in March 2020.
  • The major northward move had appeared out of a Falling Wedge breakout.
  • Bitcoin reentered the Wedge after the crash and followed it with a breakout towards a new bull target near $9,500.
  • The cryptocurrency is still eyeing $11,500.

Bitcoin is sending a buy signal.

So shows a textbook technical indicator called Falling Wedge. The chart pattern started forming after Bitcoin surged to near $14,000 in June 2019. As the cryptocurrency started correcting lower afterward, it left behind converging lower highs and lower lows, as shown in the chart below.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, cme bitcoin futures, crypto
BTCUSD formed a Falling Wedge pattern after topping in June 2019 | Source: TradingView.com, Coinbase

The purple downward slope shows the Wedge that Bitcoin broke successfully to the upside in the first week of January 2020.

Ideally, the price could have blasted towards $11,679 per a Falling Wedge’s technical description. The definition reads that a successful Wedge breakout would rise by as much as the height between the pattern’s highest high and highest low. That is represented via the purple dotted lines in the chart above.

Global Market Sell-off

But Bitcoin’s upside run met resistance with a surprising global market sell-off in February and March 2020. As a pandemic loomed over the world and sent people in self-inflicted lockdowns, the business activity collapsed. Investors reacted and caused a global market rout. Everything fell in tandem, including Bitcoin.

The cryptocurrency fell by more than 63 percent, from its YTD top of $10,500 to a new low at $3,858. But the fall brought it back inside the Rising Wedge region.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, cme bitcoin futures, crypto
BTCUSD retested the Falling Wedge support in mid-March | Source: TradingView.com, Coinbase

Bitcoin retested the Wedge support, followed by a sharp rebound that broke the pattern’s resistance. The move confirmed the second breakout out of what appeared like a restored Falling Wedge, with its new upside target set near $9,500.

In the first week of May, Bitcoin broke above $9,500. The cryptocurrency has since flirted with the level as its flipping support/resistance junction.

Completing an Unfinished Bitcoin Rally

Traders would have achieved the $11,500 price target had there been no global market sell-off.

Bitcoin was rising on the cusp of increasing geopolitical tensions between the U.S. and Iran and uncertain aftermath of the trade deal between the U.S. and China. Its technical indicators have also alerted a bullish signal, which included the formation of a Golden Cross on daily charts in February.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, cme bitcoin futures, crypto
BTCUSD Descending Trendline resistance | Source: TradingView.com, Coinbase

With the sell-off in rearview, and all the wounded assets recovering impressively, Bitcoin, too, is gaining back its pre-March 2020 sentiment. The cryptocurrency in May formed yet another Golden Cross, hinting that it would continue rallying for the remainder of this year.

That could mean traders are resetting their eyes on levels above $11,500, as long as they break out of bitcoin’s long-term resistance level, defined by a Descending Trendline (black). Supported by the 50-week moving average (the blue wave), traders could attempt to invalidate the most substantial price ceiling.

Meanwhile, Bitcoin’s weekly Relative Strength Index is also sitting above 52, a reading that has historically kept the cryptocurrency’s bullish bias intact. It shows traders have room to spark another rally above $10,000 – towards the Wedge’s original upside target.

Tweet123Share207ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Breakout Not Just Hype—$4.4B Inflows Back The Move

Bitcoin has set a new all-time high (ATH) above $112,000, and if on-chain data is to go by, there is...

Keshav Verma 3 hours ago
XRP

Analyst Mocks Calls For XRP Price At $1,000, Says Take Profits At This Level

Crypto analyst Jaydee has called out market participants who predict that the XRP price could rally to as high as...

Scott Matherson 5 hours ago
Bitcoin

The Hidden Clue In Bitcoin Hourly Close: A Breakout Brewing?

Bitcoin’s latest hourly close may be offering more than meets the eye. With the 25- and 50-hour SMAs holding firm...

Godspower Owie 6 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Elon Musk引發PNUT在24小時價量俱升 7月不要錯過另一個暴增1000倍新幣ICO

Kelvin Lee 24 minutes ago
bitcoin

Bitcoin Uptrend Intact, But Binance Activity Warns Of Short-Term Pullback

Ash Tiwari 54 minutes ago
Bitcoin

Market Expert Says It’s Now ‘Illegal’ To Short Bitcoin, Here’s Why

Scott Matherson 2 hours ago

Premium Sponsors

Press Releases

  • Cicada Finance Kicks Off TGE, Unleashing Real Yield Assets...

    9 hours ago
  • BTCminer cloud mining

    The global economy is in a downturn, and BTCminer cloud...

    9 hours ago
  • ビットコインが過去最高の11万2,000ドル達成──15万ドル予測も浮上、今注目の仮想通貨プレセールとは?

    ...

    9 hours ago
  • ビットコインが過去最高値を更新──新興L2プロジェクトが200万ドル調達、今注目の仮想通貨おすすめは?

    ...

    10 hours ago
  • 新しい仮想通貨が220万ドル超を調達──カルダノは手数料無料機能を正式導入

    ...

    10 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.