Bitcoin’s Bullish Bungle: Did the Bears Pull a Fast One?

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If ever there was a day that tickled the whiskers of excitement for Bitcoin enthusiasts, it was Thursday. Our dear Bitcoin (BTC) sprang out of its bull flag formation with the boisterous confidence of a young terrier let off the leash. Briefly—oh, so briefly—it floated above, looking down its digital nose at the wretched bears below. But—dashed inconveniently—the bears, ever the killjoys at the crypto garden party, dragged it rudely back to the upper trendline and, with a huff and a puff, stuffed it right back inside the flag. The question on every hodler’s mind: is this just a rain delay, or are we about to see BTC do something even more undignified and head southwards? 🐻🪙

Is $BTC going to break out or just loiter about?

One look at the short-term chart for $BTC, and you’ll spot a “fakeout” that would make even the most accomplished stage magician proud. Thursday’s escapade saw prices flirting with the $110,000 level. The bulls—those lovable optimists—were likely clinking glasses and making holiday plans. Alas, dear reader, BTC was breathing the rarefied air of “overboughtness,” and after an initial, rousing confirmation of the breakout, it fell back with all the conviction of a soufflé gone wrong. The bulls promptly lost their trousers (metaphorically speaking), and back into the bull flag the price tumbled.

For those keeping score, there’s another fly in the bullish ointment: this supposed “surge” failed to notch a proper higher high. It came close—terribly close—but “almost” only counts in horseshoes and hand grenades, not in the finicky world of crypto charts. 🎩🎩

Don’t despair, though! If you rummage through the tea leaves, there’s a faint aroma of positivity. $BTC’s overbought hysteria appears to be giving way, as the 4-hour Stochastic RSI indicators have collapsed to the floor. Yes, the 8-hour and 12-hour indicators are still dawdling behind, but optimism is what keeps the ship afloat—or at least prevents it from sinking quite as fast.

$106,000—The Stiff-Upper-Lip of Support Levels

The daily chart, resplendent and full of import, shows the price nobly maintaining altitude above the $106,000 support. This level is more than just a number; it marks the proud summit of several candle bodies dating from the glory days of December 2024 and January 2025. Should this level continue to hold, the recent breakout-fakeout circus may go down as nothing more than a minor footnote—a banana peel moment, if you will. 🍌

A Weekly Close to Decide the Fate of the Crypto Empire

The 4th of July in the United States, with its fireworks and frankly suspicious quantities of hotdogs, may very well have contributed to Bitcoin’s recent bout of listlessness. Nonetheless, the bigger picture—nay, the grand tapestry—shows the surge out of the falling wedge has morphed into a textbook bull flag. Conventional wisdom (often wrong, but good enough for cocktail parties) suggests an upward move is on the cards. That is, if BTC doesn’t wander off for a nap first.

At the lower reaches of the chart, the Stochastic RSI indicators sit nervously, as if waiting for the in-laws to arrive. This weekend, a dab of positive or negative price action could send the whole contraption careening in either direction. The bulls, ever the hopefuls, dream of a resounding bullish cross by Sunday’s end. If this does not occur…well, batten down the hatches for another lavish week of “sideways” action. Or as the British call it: “holding on for dear life.” 🕴️➡️⬅️

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2025-07-05 18:16