Technical analysis by vicr1982 about Symbol BTC: Buy recommendation (2/8/2025)

Looking at this Bitcoin 1-hour chart, you can see a descending wedge forming, which is generally considered a bullish pattern. The price has been making lower highs and lower lows, but it’s starting to compress, suggesting a breakout could be coming soon. There’s a key support level around $94,500, and if that breaks, the next downside targets would be $92,100 and possibly $89,650. On the upside, resistance sits around $98,000, and breaking above that, especially above the descending trendline, could open the door for a move toward $104,000 or even $108,000.