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Bitcoin’s recent price behavior has been bullish, tracing a sequence of higher highs and higher lows since bottoming around $63,000 in early April. It has reclaimed the $80,000 level, suggesting a bullish setup. However, technical analysis indicates the market may have entered deceptive territory. The chart discussed by analyst Merlijn The Trader shows Bitcoin forming a rising wedge pattern on its daily chart since February, with the upper boundary near $84,000 acting as a key rejection zone. The pattern is described as one of the most deceptive in crypto. The next move around the $80,000 to $84,000 area is crucial. A breakout above the wedge could weaken the bearish case; a breakdown below $80,000 could open the path to lower levels, possibly toward $56,000. Current price around $80,920 (as of writing) shows a tight range around the key level, indicating continued buying interest near the lower end of the range. Traders will watch for a weekly close above $84,000 to confirm a bullish continuation, or a close below $80,000 to shift the risk to the downside.
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