As of April 16, 2025, Bitcoin (BTC) is trading at approximately $83,510, reflecting a slight daily decline of 1.67%. The price has been consolidating between $83,000 and $85,000, indicating a period of stabilization.
Technical analysis reveals a bullish engulfing pattern on the weekly chart, suggesting strong momentum favoring buyers. Analysts anticipate potential upward movement, with projections ranging from $90,000 to $95,000 in the near term. However, key resistance levels at $85,000 and $87,500 must be surpassed to confirm this bullish trend.
Conversely, a drop below the critical support level of $73,000 could signal a bearish reversal, potentially leading to a decline towards $62,500. Investors should monitor these levels closely, as they will be pivotal in determining Bitcoin's short-term trajectory.