Bitcoin climbed above $71,000 this week, offering short-term relief after February’s sharp drop to around $59,000, but technical signals suggest caution remains warranted.
The price rebound has recreated a compressive wedge pattern that previously appeared before major declines in October 2025 and January 2026.
“BTC next move: Pump to $84K or Dump to $55K?”
Reflects the current uncertainty among traders on prediction market Myriad.
Technical indicators remain mixed, with the Relative Strength Index near neutral levels and the Average Directional Index below 25, signalling weak trend strength.
Meanwhile, the 50-day moving average remains below the 200-day, reinforcing a broader bearish trend despite the recent bounce.
The pattern shows Bitcoin compressing between rising support and descending resistance, a structure that has historically resolved to the downside in recent cycles.
A confirmed breakout above resistance with strong volume could invalidate the bearish setup and open a path toward $80,000, but failure to do so may result in another sharp correction.
At the time of reporting, Bitcoin price was $70,453.80.