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Bitcoin Technical Analysis Report – 21st April 2025
As we kick off the week of April 20-26, the world is abuzz with concerns about Bitcoin’s (BTC) ability to hold its ground against the backdrop of growing market uncertainty. After dipping as low as $83,974 on Friday, April 20, BTC staged a modest recovery ahead of the weekly close.
Despite this recent upswing, many analysts are sounding the alarm about potential liquidity issues and a heightened risk of a sell-off in the event that former US President Donald Trump’s ongoing trade war escalates. This perceived threat is likely driving investors to traditional safe-havens such as gold, resulting in cumulative outflows from Bitcoin ETFs to the tune of $12.38 billion.
As I write this article, BTC’s price sits at $87,254.
While we witnessed a significant correction of approximately 32% after reaching an all-time high of $109,588, the cryptocurrency formed a “Long-Legged Spinning Top” near the key support level of $73,500. This technical pattern suggests indecision in the trend and subsequent retrace to $86,000.
In the following days, BTC traded within a range from $83,000 to $86,000 before breaking out above this consolidation zone. For any further upward momentum to gain traction, it is imperative that the asset sustains a close above the critical resistance level of $90,000.
Key Levels
* Support 1: $73,500
* Support 2: $80,000
* Resistance 1: $86,000
* Resistance 2: $90,000
Source: https://zebpay.com/blog/bitcoin-technical-analysis-report-21st-april-2025
