Bitcoin has seen $BTC
Intensive selling occurred yesterday following the American strike on Iran and fears of retaliatory action, but it has somewhat recovered from its losses in the subsequent hours. This recovery extends into Asian trading hours and the start of European trading today, and the emerging downtrend channel pattern is already similar to the pattern that formed between December 17, 2024, and January 13, 2025.
Both prices broke through the 50-day moving average level of their respective blue trend lines, forming a bottom, which in January 2025 began a rebound that tested a higher resistance level than the all-time high (ATH). Also, note how similar patterns in the daily Relative Strength Index tested the same support level (41.20).
Since the uptrend this time has been much more pronounced since April 7, 2025, this drop in the channel would only be a huge bullish flag in the middle of a standard cycle leg. Until confirmed by a weekly candle closing above the ATH resistance level, the medium-term target is $111,900.
Note also the formation of a simple moving average crossover at 100/200 for one day, the first since November 13, 2024.
What do you think? Is $111,900 your short-term target?