Bitcoin Gains 2.34% Weekly, Eyes $85,500 Resistance

As Easter 2025 approaches, cryptocurrency traders are closely monitoring Bitcoin's price movements, seeking signals that could indicate future trends. Unlike traditional stock markets, which close on holidays like Good Friday, the cryptocurrency market remains open. As of April 18, Bitcoin was trading at $84,560, reflecting a 0.28% daily increase and a 2.34% weekly gain.

Bitcoin's price has shown a steady decline in volume, typical of holiday periods. This lower trading volume tends to weaken price movements in either direction. The local resistance level on the weekly Bitcoin chart stands at $85,500, while support is at $83,000. A 1.16% upward move would test resistance, and a 1.84% downward move would test support. Bitcoin's relative strength index (RSI) is at 50.29, indicating a balanced market condition between oversold and overbought levels.

A falling wedge pattern, identified by plotting lines across the lower highs and lows on April 17 and 18, suggests a potential bullish trend. However, the legitimacy of this pattern is questionable due to the reduced trading volume. If valid, it could lead to a retesting of resistance by Easter 2025. Bitcoin's 50-day moving average (MA) is at $87,039, and the 200-day MA is at $80,358, supporting a bullish outlook. A successful retest of resistance followed by a move above the 50-day MA would further strengthen the bull case.

Technical analyst Rudo Viljoen noted that there are no major stopgaps between $83,000 and $71,000, suggesting that a fall below local support could result in a 16% crash by Easter 2025. However, a meaningful break below $83,000 is considered unlikely without a significant bearish catalyst, such as negative geopolitical or macroeconomic developments.

Bitcoin's price trajectory leading up to Easter 2025 is expected to be relatively subdued, with the cryptocurrency market facing various economic and regulatory challenges. The current price is consolidating within a narrow range, trading just above the middle Bollinger Band on the 4-hour chart, indicating a period of stability rather than significant price movements.

Analysts have forecasted that Bitcoin could reach $107,163 by April 21, 2025, representing a 27.04% increase from current levels. However, this forecast is speculative and based on market analysis rather than concrete data. The actual price movements may vary significantly due to unforeseen market conditions and external factors.

The broader economic landscape, including concerns about inflation and economic growth, adds complexity to Bitcoin's price prediction. Federal Reserve Chair Jerome Powell's concerns about the central bank's dual mandate of controlling inflation and supporting economic growth could influence market sentiment and, consequently, Bitcoin's price.

Looking ahead, Bitcoin's price is expected to trade around $110,000 before the end of 2024, with the potential to touch $200,000 in 2025. This optimistic outlook is driven by the increasing adoption of cryptocurrencies and growing interest from institutional investors. However, these predictions are based on analyst forecasts and may not materialize as expected.

In summary, while there are bullish indicators and optimistic forecasts for Bitcoin's price in the lead-up to Easter 2025, the actual price action is likely to be muted. The cryptocurrency market is influenced by a multitude of factors, including economic conditions, regulatory developments, and market sentiment. Investors should approach these predictions with caution and consider the broader economic context when making investment decisions.