Bitcoin Hovers Near $80,800 — Rising Wedge Pattern Flags $70K Risk
Bitcoin is trading around $80,800–$80,860, up roughly 0.6–0.8% over the past 24 hours — a modest gain that masks a technical warning sign forming on the charts. Ethereum is moving in lockstep, trading near $2,322–$2,330 with similar small gains. Despite the calm surface, chart analysts are flagging a "rising wedge" formation in Bitcoin that historically precedes sharp selloffs, with $70,000 cited as a potential downside target.
If the rising wedge pattern plays out, Bitcoin could drop roughly 13% from current levels — a move that would likely drag the broader crypto market down with it, including Ethereum and crypto-exposed equities. Investors holding spot crypto or crypto ETFs should be aware that the current price action is technically fragile despite looking stable day-to-day. A break below key support levels could accelerate selling pressure quickly.
Watch Bitcoin's key support level near $78,000–$79,000 in real time — a clean break below that zone would signal the wedge is breaking down. Next broad crypto market sentiment check: U.S. CPI inflation data due April 10, 2025, which could move risk assets including crypto sharply in either direction.
- bitcoin price · CoinGecko
- ethereum price · CoinGecko
- Bitcoin price may dip toward $70K as Fed estimates hotter inflation print · Cointelegraph
- Bitcoin whale address moves $41 million in BTC after 12-year dormancy: onchain data · The Block
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