Bitcoin (BTC) Price Prediction: Will BTC Breakout From the Ascending Triangle Pattern?

Leading cryptocurrencies were met with some volume weakness on Tuesday, but U.S. stocks rose further on signs that the country was nearing a deal with a key trading partner.

What Happened: Bitcoin continued to face resistance around $95,500 as trading volume slipped nearly 15% in the last 24 hours. Ethereum was seen struggling in the early $1,800 range, with volumes slipping 9.63%.

More than $180 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $120 million.

That said, over $630 million in Bitcoin short positions were at risk of liquidation if the apex cryptocurrency rose to $98,000.

Bitcoin’s Open Interest dropped 2.27% in the last 24 hours, while more than 57% of Binance traders took short positions on the asset.

The market sentiment remained in “Greed,” according to the Crypto Fear and Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market cap now stands at $2.96 trillion, following a drop of 0.74% in the last 24 hours.

U.S. stocks moved further north on Tuesday. The Dow Jones Industrial Average rose 300.03 points, or 0.75%, to end at 40,527.62. The S&P 500 gained 0.58% to finish at 5,560.83. The tech-focused Nasdaq Composite advanced 0.55%, closing at 17,461.32.

On Tuesday, Commerce Secretary Howard Lutnick indicated that the U.S. has finalized a trade agreement with a specific country. This follows statements by Treasury Secretary Scott Bessent, who hinted at the possibility of a trade deal with India being finalized on Monday.

Amazon.com Inc. got a hiccup ahead of its first-quarter earnings after the White House deemed “hostile” the e-commerce giant’s move to highlight tariffs on products sold on its platform. However, the stock managed to recover nearly all of its initial sell-off by the close of the market.

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Analyst Notes: Widely followed cryptocurrency analyst Greg Miller was upbeat about Bitcoin breaking out of the ascending triangle pattern.

“Price is holding strong, and the setup is clean - $98,300 might be coming sooner than we think,” predicted Miller.

Chartist and trader Ali Martinez also anticipated a new bull rally for Bitcoin, highlighting the golden cross between the MVRV Ratio and its 365-day SMA.

MVRV, shorthand for Market Value to Realized Value, is a ratio used to assess the value of a cryptocurrency by comparing its current market value to the price at which coins were last moved. It serves as an indicator of whether coins are being held at a loss or profit.