Bitcoin News Today: Bitcoin Forms Bearish Pattern, Eyes $140,000 Rally

Bitcoin has recently formed a shooting star candle pattern on its daily chart, which is often interpreted as a bearish signal indicating a potential trend reversal. This pattern suggests that the cryptocurrency could be heading for a moderate correction or consolidation within the $115,000 – $120,000 range. Despite this bearish signal, the Relative Strength Index (RSI) does not show any evidence of bearish divergence, suggesting that the red candle formation may simply represent a temporary cooling-off period before the next upward movement phase.

Currently trading at $118,885, market analysts have noted that Monday’s decline to $115,736 represented Bitcoin’s effort to close the daily CME Gap situated between $114,000 and $117,000. This gap now serves as foundational support for a potential rally toward the $140,000 target. The leading cryptocurrency, with a market capitalization exceeding $2.36 trillion, is currently following a Wyckoff Accumulation Pattern of Accumulation → Expansion → Re-accumulation → Vertical breakout. Bitcoin’s current trendline positioning places it within the $136,000-$140,000 zone, which CryptoQuant data identifies as the upper resistance level, corresponding to the +1 standard deviation (STD) of Bitcoin holders who have maintained their positions over the past month.

The BTC/USDT daily chart shows a robust uptrend continuation, with the price currently positioned around $118,883, following the successful penetration of previous resistance barriers. Despite the bearish candle formation, price action maintains a well-positioned stance above the dynamic short-term support provided by the 20, 50, 100, and 200-day exponential moving averages (EMAs), which display bullish stacking, confirming robust trend support. As long as BTC maintains levels above the $113,000–$114,000 zone (the EMA cluster), the bullish market structure remains intact. A decisive breakout above $120,000 would likely catalyze movement toward the next major Fibonacci-derived target at $124,600, with the potential for an extension to $136,000. The overall trajectory remains bullish unless a strong closing below the 50-day EMA occurs.

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