Bitcoin Retests Key Support Amid Patterns Suggesting Possible Rally Toward $148,000

Key Points

1. Bitcoin recently reclaimed its 50-day exponential moving average (EMA), reinforcing it as a key support level that previously preceded a 25% price rally.

2. The 50-day EMA coincides with the neckline of Bitcoin’s inverted head-and-shoulders (IH&S) pattern, a bullish reversal setup targeting a price near $148,250.

3. Bitcoin whales executed a significant selloff of 80,000 BTC ($9.6 billion) after BTC surpassed $120,000, which analysts suggest is part of a cyclical profit-taking phase that often precedes new highs.

4. Technical analysis highlights $148,000 as a primary target, supported by the IH&S pattern and aligning with broader market expectations of a $150,000 milestone.

5. Whale selloffs are seen as a natural market cooling phase, allowing for accumulation by long-term holders and setting the stage for renewed buying pressure.