Bitcoin Price Analysis: BTC/USD triangle pattern hints reversal to $5,000 imminent

Bitcoin price is in the hand of the bulls according to technical indicators.
Bitcoin bulls must defend the triangle support at all costs to avoid losses towards $5,000.
In the short term, the bulls should take back the support above $6,400 to keep sellers at bay.

John Isige FXStreet

BTC/USD daily chart

Bitcoin price has given away the support at $6,400 to trade at $6,361 at the time of writing. In spite of the drop from $6,423, the technical picture remains healthy. For instance, the RSI is holding the position above 50 after recovery from the weekend low at 39.58. The MACD is moving towards the mean line in a bid to re-enter the positive region. A bullish divergence above the MACD clearly shows buyers gaining traction against the sellers.

However, a rising triangle pattern could erase all the gains accrued in the past two weeks if Bitcoin fails to break above the $7,000 level and freefalls towards $6,000. Buyers must ensure that the triangle support is kept intact to avoid another devastating crash towards $5,000.

BTC/USD 2-hour chart

Bitcoin price is trading between the support and resistance of the moving averages. The 50 SMA is in line to offer support at $6,336 while the 100 SMA could hinder movement at $6,465. BTC/USD bulls need to take back the position above $6,400 which will allow then to focus on breaking the resistance at $6,500 and $7,000 respectively.

Spot rate: $6,361

Trend: Bullish

Volatility: High

BTC/USD

Overview
Today last price	6376.76
Today Daily Change	-46.45
Today Daily Change %	-0.72
Today daily open	6423.21

Trends
Daily SMA20	5960.43
Daily SMA50	7927.08
Daily SMA100	8173.02
Daily SMA200	8248.38

Levels
Previous Daily High	6525.83
Previous Daily Low	6338.56
Previous Weekly High	6983.8
Previous Weekly Low	5683.95
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	6454.29
Daily Fibonacci 61.8%	6410.1
Daily Pivot Point S1	6332.57
Daily Pivot Point S2	6241.93
Daily Pivot Point S3	6145.3
Daily Pivot Point R1	6519.84
Daily Pivot Point R2	6616.47
Daily Pivot Point R3	6707.11

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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