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Bitcoin price set to surge soon, technical analysis shows

Nitin Gupta - Bitcoin - February 17, 2025
Bitcoin ETFs back in demand as BTC crosses $102k ahead of Trump’s inauguration
Nitin Gupta Founder of LetsTalkWeb3.com, a full fledged media house for everything Web3.…
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Bitcoin’s price remained in a tight range on Monday, continuing a trend that has persisted since November.

Bitcoin (BTC) was trading at $96,500, where it has hovered for the past few days. The price is about 12% below its highest level this year.

Bitcoin has wavered amid concerns that the Federal Reserve will maintain a hawkish stance as inflation remains high. Last week’s data showed that the headline consumer price index rose to 3.0% in January, marking its highest level in months.

The labor market also showed strength, with the unemployment rate falling from 4.2% in December to 4.1% in January. A combination of high inflation and low unemployment suggests that the Fed will not rush to cut interest rates.

Bitcoin’s price has also remained range-bound as crypto investors stay on the sidelines. A key example of this is the performance of spot Bitcoin ETFs, which have seen outflows totaling millions of dollars over the past two weeks.

Bitcoin price technicals point to a surge

Bitcoin price chart | Source: crypto.news

BTC’s technical indicators suggest that Bitcoin may have further upside once this consolidation phase ends. A key factor is that Bitcoin has consistently held above the crucial support level at $90,560 in recent weeks.

Additionally, Bitcoin has remained above the 50-week and 100-week moving averages—historically a bullish signal in trend analysis.

BTC has also formed a cup and handle pattern, with its upper resistance level at $68,720. The depth of this formation is approximately 78%, indicating a potential rebound to over $122,000.

Moreover, Bitcoin has developed a bullish flag chart pattern, characterized by a long vertical rally followed by consolidation. These technical indicators suggest a strong bullish breakout in the longer term. One analyst, citing the bullish flag pattern, predicts a potential surge to $148,000. 



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bitcoin
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xrp
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bnb
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solana
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usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.23204
cardano
Cardano (ADA) $ 0.762108
tron
TRON (TRX) $ 0.2711
bitcoin
Bitcoin (BTC) $ 108,609.10
ethereum
Ethereum (ETH) $ 2,563.70
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.39
bnb
BNB (BNB) $ 656.73
solana
Solana (SOL) $ 171.55
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.23204
cardano
Cardano (ADA) $ 0.762108
tron
TRON (TRX) $ 0.2711