Bullish formations on Bitcoin’s (BTC) chart are capturing trader attention this week, with key technical indicators suggesting a breakout may be imminent. The cryptocurrency is currently trading around $114,500, with intraday highs touching $115,666. Analysts are watching the $116,500-$117,000 zone closely as a critical resistance level.
According to technical strategist Katie Stockton, Bitcoin is forming a classic cup-and-handle pattern, a bullish continuation signal. If confirmed, the pattern projects a potential move toward $134,500, supported by strengthening MACD momentum and a solid support base near $108,300.
A breakout above current levels could also validate a bull flag observed on futures charts, which aligns with broader bullish sentiment. However, failure to hold above $114,000 risks a correction down to the $107,000-$100,000 range.
The RSI reading at 42.85 remains neutral, while moving averages are split: short-term metrics suggest caution, but long-term trends still favor bulls. Meanwhile, pivot analysis highlights a tight trading band between $113,600 and $114,300, adding weight to the breakout-or-breakdown narrative.
Elliott Wave analysts remain optimistic, forecasting a cycle high near $140,000 before the end of the year — though some warn of a possible downturn in 2026. Seasonal volatility in August also raises the stakes, with potential for either a rally to $125,000 or a dip back toward $105,000.
For now, Bitcoin sits at a technical crossroads. A strong close above $117,000 could re-ignite momentum and push prices into price discovery. Conversely, a drop below $113,000 may trigger broader risk-off sentiment.
Traders are advised to monitor price action closely, with volatility expected to rise as BTC flirts with historical resistance zones.
Ethereum (ETH) is showing signs of strength as it trades just under a key resistance level, with analysts eyeing a potential breakout if current momentum holds. ETH is currently priced around $5,860, with intraday movements between $5,790 and $5,915. The price has been consolidating within a narrow band, signaling that a major move may be on the horizon.
Technical analysts have identified a symmetrical triangle pattern, typically a precursor to volatility. A confirmed breakout above $5,950 could target the $6,200 level, while a downside move below $5,780 may open the door for a correction toward $5,400.
The MACD has flipped slightly bullish, and RSI readings near 50 suggest a neutral zone — neither overbought nor oversold. Short-term moving averages remain mixed, with the 20-day EMA providing immediate support, while the 50-day MA sits as resistance.
Pivot points from technical trackers show critical zones at $5,875 (resistance) and $5,800 (support), adding weight to the current rangebound action. A breakout in either direction is expected to carry momentum.
On-chain data from platforms like Glassnode indicate a continued decline in ETH exchange balances, suggesting long-term holders are moving assets off exchanges — a potential bullish signal. Additionally, staking activity on Ethereum’s proof-of-stake chain remains robust, lending further support to a long-term uptrend.
Analysts remain cautiously optimistic. If Ethereum can close decisively above $5,950, the move could trigger renewed momentum, potentially targeting new highs above $6,200. However, failure to hold above $5,780 could invite short-term selling pressure.
As with Bitcoin, Ethereum traders are advised to monitor volume and momentum indicators closely. The next few sessions could set the tone for ETH’s trajectory heading into the final quarter of 2025.
