Bitcoin’s Cup and Handle Patterns Signal a Breakout Toward $140K Targets

• Bitcoin’s chart reveals cup and handle patterns, suggesting a bullish trend with consolidation before a possible breakout above key resistance.
• Support near $77K-$80K holds as a key foundation, while resistance at $108K remains a major hurdle for Bitcoin’s upward movement.
• A breakout above $108K could push Bitcoin toward $140K-$150K, while failure to hold support may lead to a correction toward $65K-$70K.

Bitcoin appears to be repeating past moves as it forms successive cup and handle patterns. Technical analysis indicates that Bitcoin may break key resistance levels if current patterns hold. The setup suggests a move from consolidation to a potential breakout.

Cup and Handle Patterns in Action

The analysis identifies a cup and handle formation where a curved pattern meets a horizontal resistance line. Price has tested and consolidated near this key level, hinting at a possible breakout. After the initial cup formation, price consolidation appears to set the stage for the next upward move. This pattern suggests that Bitcoin could be transitioning into a new phase of bullish momentum.

Source: Trader Tardigrade 

A second cup and handle formation emerges further up the chart. In this setup, the price dips to form a rounded bottom, then consolidates before approaching a higher resistance level. The handle phase indicates a brief pullback before a decisive breakout. Such formations suggest that, once the higher resistance is breached, Bitcoin may gain strong upward momentum.

Support and Resistance Levels

The analysis identifies a resistance zone around 108,000, where the market previously failed to break through. This level acted as a barrier and indicated selling pressure on Bitcoin. In contrast, a support zone exists between 77,000 and 80,000. Bitcoin is currently testing this support area, which may serve as a foundation for new bullish structures. Traders view these levels as critical markers for determining the next price movement.

The support and resistance levels serve as clear guides for traders. A sustained hold above support may trigger an upward price move. Resistance near 108,000 remains a pivotal level for the market.

Projected Upside and Market Outlook

The analysis suggests that Bitcoin may experience a short-term correction and consolidation around 77,000 to 80,000. A higher low formation in this zone could push the price back toward the 108,000 resistance. A confirmed breakout above 108,000 might trigger a bullish rally, targeting a range between 140,000 and 150,000. Conversely, a failure to hold the 77,000 support could lead to a deeper correction toward 65,000 to 70,000. Current market sentiment appears bullish as the formations suggest a gradual shift from selling to buying pressure. 

According to current market data, Bitcoin’s trading value reached $84,970 with stable trading activity. This technical setup could serve as an indicator of further gains, provided key resistance levels are decisively breached.