Will Bitcoin Explode Higher From This Crash Zone? $85K Triangle Says Yes

Bitcoin Cryptocurrency

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

April 6, 2025

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Bitcoin (BTC/USD) fell 2% on Monday to trade near $76,500, breaking below key technical levels amid renewed macroeconomic volatility. The decline came as global markets reacted sharply to U.S. President Donald Trump’s aggressive new tariff policy, which includes a 10% base rate on imports and up to 54% on select nations.

Nearly $5 trillion was wiped from global equities in a single session, marking the steepest one-day loss in S&P 500 history.

Despite its reputation as a hedge against fiat instability, Bitcoin followed risk assets lower. MicroStrategy’s Michael Saylor, who recently purchased 22,000 BTC at an average of $87,000, faced criticism from gold advocate Peter Schiff.

Schiff sarcastically urged Saylor to “back up the truck” to avoid a dip below MicroStrategy’s average entry of $68,000.

Bitcoin Technical Analysis: Breakdown or Bounce?

Bitcoin has broken down from a symmetrical triangle pattern, falling roughly 9% from $82,000 to $75,700. The projected target based on the breakdown aligns between $72,800 and $71,600, raising short-term bearish concerns.

• The 50-period EMA at $82,500 now acts as resistance
• RSI has dropped to 24, signaling oversold conditions
• Immediate support lies at $74,400, then $72,800 and $71,600
• Resistance zones are $76,800 and $78,400

A move back above $78,000 would be required to regain bullish momentum. Until then, the risk of further downside persists.

However, some analysts suggest the breakdown could be a bear trap, with the broader technical structure still supportive of a breakout toward $85,000 once market panic subsides.

Tariff Shock, FTX Repayments Shape Bitcoin’s Next Move

Although Bitcoin has suffered its steepest Q1 decline in a decade—down 11.7%—several macro factors could drive a rebound. Cryptocurrency analyst Michaël van de Poppe believes the market is near “peak uncertainty,” and that Trump’s tariffs may eventually be lifted.

Lower interest rates or a return to quantitative easing could also benefit digital assets.

Meanwhile, the looming FTX creditor repayment could inject volatility. Over 400,000 users must complete KYC by June 1 or risk losing $2.5 billion.

The next repayment round on May 30 totals $11 billion, potentially sending previously frozen assets back into the market. Though the short-term impact may be muted due to slow claims processing, broader liquidity could rise later in the year.

Key Takeaways:

• Bitcoin broke key triangle support, signaling near-term bearish momentum
• Macro panic from U.S. tariffs and FTX repayments weighs on sentiment
• Long-term technicals still suggest $85K remains a viable target if recovery takes hold

While the current correction reflects broader risk aversion, Bitcoin’s structural setup points to a potential breakout—if key resistance levels are reclaimed and macro conditions stabilize.

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