Bollinger Bands Inventor Just Flagged a Bitcoin Reversal Pattern Near $80K
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Bitcoin is flashing early signs of a potential trend reversal as it trades around $83,780, up over 1.5% on the day. Technical analysts are now focused on a “W-bottom” formation highlighted by none other than John Bollinger, the creator of Bollinger Bands.
In a TradingView post shared on April 10, Bollinger identified this setup on the weekly BTC/USD chart, noting it still requires confirmation before traders can act with conviction.
“Classic Bollinger Band W bottom setting up in $BTCUSD. Still needs confirmation,” Bollinger posted on Twitter.
On the weekly chart, Bitcoin dipped below the lower Bollinger Band before recovering above support near $70,000—a price structure often associated with trend reversals. To validate this setup, BTC must close above its 20-week simple moving average, currently near $84,000.
Macro and Market Correlation Keep Pressure in Play
While the chart signals optimism, broader market sentiment remains mixed. Bitcoin continues to track U.S. equity trends, especially the Nasdaq 100 and S&P 500.
According to Fidelity’s Jurrien Timmer, the S&P recently fell from two standard deviations above its trend to two below—a potential sign of oversold conditions but not yet a decisive reversal.
Economist Timothy Peterson adds that Bitcoin may still lag the recovery in equities. Historically, BTC leads in downturns but trails during rebounds.
For Peterson, any sustainable upside in Bitcoin hinges on a risk-on shift in the stock market and confirmation that macroeconomic headwinds—especially interest rate volatility—are easing.
Key Support Levels for Bitcoin’s Reversal
Bitcoin’s performance at the $70,000 mark is critical, not just as a psychological barrier but also as a key liquidity level.
Market observers are paying close attention to this support zone, with the $69,000 level previously identified as a critical threshold by Peterson’s Lowest Price Forward model.
Although the model initially predicted a 95% likelihood of the $69,000 support holding, current macroeconomic factors suggest more caution.
Bitcoin Breaks $83.5K Resistance, Eyes $86.4K as Bullish Momentum Builds
Bitcoin (BTC/USD) is trading near $83,780 after breaking above the key $83,560 resistance zone, previously acting as a ceiling within the symmetrical triangle.
The move is supported by a clean break above the 50 EMA at $80,920, signaling bullish momentum.
The RSI is holding around 62, suggesting further upside before overbought conditions emerge. If buyers maintain control, the next resistance targets sit at $86,400 and $88,600. A retest of $83,560 could serve as a support confirmation.
$70K Support Holds, But $84K Is the Real Test
- Support Zones: $80,900 (50 EMA), $80,000, $77,800
- Resistance Targets: $83,560 (broken), $86,400, $88,600
- Momentum Indicator: RSI at 62 – bullish, but not overbought
- Breakout Trigger: A confirmed close above $84,000 could ignite momentum toward $91,000
Bitcoin’s short-term trend remains bullish after reclaiming the 50-day EMA and breaking above the triangle resistance at $83,560. However, price action around $84,000—the mid-Bollinger band and psychological level—will be key to confirming the reversal pattern Bollinger described.
Conclusion
Bitcoin’s price action is approaching a technical tipping point. If the W-bottom pattern completes and BTC closes decisively above $84K, the path toward $86.4K and $88.6K becomes more likely. With macro sentiment stabilizing and John Bollinger flagging a classic setup, all eyes are now on this crucial resistance level.
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