As of May 21, 2025, Bitcoin (BTC) is exhibiting a bullish pattern on the 4-hour chart, indicating potential for further upward movement.
Current Chart Pattern:
Rising Channel Formation: BTC is trading within a rising channel, with the upper boundary near $108,000. This pattern suggests a continuation of the uptrend, provided the price remains within the channel. CryptoPotato
Bullish Consolidation: The price action shows a "high and tight" consolidation, a classic bullish continuation pattern. This indicates that buyers are absorbing selling pressure, maintaining control over the market. TradingView
Key Levels to Watch:
Immediate Resistance: $108,000 is the current resistance level. A breakout above this could signal a move towards new highs.CryptoPotato
Support Levels: $104,000 serves as short-term support, aligning with a fair value gap. A drop below this could expose the $100,000 support zone. CryptoPotato
Next Price Targets:
Short-Term Target: A successful breakout above $108,000 could lead BTC to test its previous all-time high around $109,000. TradingView
Medium-Term Target: If bullish momentum continues, the next significant resistance lies near $110,150, with potential to reach $113,000. TradingView+3TradingView+3TradingView+3
Technical Indicators:
Relative Strength Index (RSI): The RSI is cooling off from overbought levels but remains in bullish territory, suggesting room for further upside. CryptoPotato
Volume and Open Interest: High trading volumes and record futures open interest indicate strong market participation and confidence.
Conclusion:
The 4-hour chart for BTC shows a bullish structure with potential for further gains. Traders should monitor the $108,000 resistance level closely, as a breakout could lead to new all-time highs. However, caution is advised if the price falls below the $104,000 support, which could indicate a shift in momentum.
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