Bitcoin News Today: Bitcoin Tests Key Support Level, Echoing 2024 50% Gains Pattern

Bitcoin is currently testing a key support level in a manner that bears a striking resemblance to late 2024, according to trader Galaxy. This pattern, observed on X, has drawn attention from market analysts who note that a successful retest could signal the beginning of a new 50% price rally, mirroring the $70,000 to $108,000 movement seen in that period [1]. The current retest involves BTC/USD forming a structure similar to when Bitcoin broke through previous resistance lines and triggered a significant price discovery phase [1].

The price action has positioned Bitcoin in what Galaxy describes as an "interesting spot," as the market awaits confirmation of whether this support retest will hold [1]. If history repeats itself, the pattern could serve as a catalyst for renewed bullish momentum. However, the conditions this time are not identical: the trendline in August 2025 is ascending, and external macroeconomic factors, such as US trade tariffs, continue to influence risk-asset dynamics [1]. Despite these variables, the consensus among traders is that Bitcoin is poised to move decisively after a period of low volatility.

Another observation from Galaxy highlights the significance of swing lows, with the most recent occurring on August 1, when BTC/USD briefly dipped below $112,000 [1]. Historically, similar price points in April and June have not been revisited, suggesting that the current structure may be forming a new price floor. This supports the view that Bitcoin is less likely to experience a repeat of the January price rout, which saw a 30% decline after a record high.

Manuel, another trader analyzing Bitcoin’s price structure, has noted that the recent 7% drop in early August aligns with past correction patterns, but he cautions that the underlying fundamentals suggest this may be a temporary pullback rather than a prolonged bear market [2]. His analysis emphasizes the cyclical nature of Bitcoin’s price behavior, particularly near the end of its four-year cycle, where sharp dips are often followed by strong rebounds.

While external factors such as regulatory developments and global market volatility continue to influence Bitcoin’s price [3], many traders are watching for clear signals of a rebound from key support levels. Those who sold during the 50% rally seen in late 2024 are now reevaluating their positions in light of the current pattern [1]. Some have adopted a strategy of selling half of a winning position and holding the remainder with “house money,” a method that proved effective during the 2021–2022 volatility [4].

The broader market is also showing signs of stabilization. For example, Zevia reported its first Q2 2025 profit, which contributed to a 4.88% increase in its stock price [5], while Allianz posted a 12.2% year-on-year rise in operating profit for the same period [6]. These developments suggest that investors are increasingly focusing on high-conviction positions, including Bitcoin.

Traders are increasingly relying on chart patterns and technical analysis to anticipate future price behavior in the volatile crypto market [7]. The ability to recognize and act on these patterns is considered a critical skill for navigating Bitcoin’s cyclical movements.

Source:

[1] Bitcoin price echoing pattern 50% BTC gains in 2024: Trader (https://cointelegraph.com/news/bitcoin-price-echoing-pattern50-btc-gains-in-2024-trader)

[2] Manuel - Mantle price broke out of the structure (https://www.facebook.com/photo.php?fbid=738059362440608&set=a.130****63246274&type=3)

[3] Dollar Stalls as Markets Await Fed Governor Nomination ... (https://www.fastbull.com/news-detail/dollar-stalls-as-markets-await-fed-governor-nomination-4338478_0)

[4] No Pain, No 100000% Gain (https://www.mitrade.com/insights/news/live-news/article-8-1011315-20250805)

[5] Earnings call transcript: Zevia's first profit lifts Q2 2025 ... (https://www.investing.com/news/transcripts/earnings-call-transcript-zevias-first-profit-lifts-q2-2025-results-93CH-4175138)

[6] Allianz Q2 2025 slides reveal double-digit growth and ... (https://www.investing.com/news/company-news/allianz-q2-2025-slides-reveal-doubledigit-growth-and-record-operating-profit-93CH-4175494)

[7] Editors' Picks — Ideas for Trading and Investing (https://www.tradingview.com/ideas/editors-picks/)