Technical analysis by PFXteam about Symbol BTC on 5/31/2025

Hi, I’m from Phoenix FX, and today I’ll be sharing my perspective on Bitcoin (BTC) price action based on the higher timeframes.I’ll also give you my outlook on potential trade setups for today and tomorrow. Please remember that this is not financial advice—use this information as a guide only. If you find it helpful, don’t forget to like and share it with your like-minded communities.Higher Timeframe AnalysisIn my view, BTC tends to follow clear bullish and bearish cycle zones. Typically, we see a pump to new all-time highs (ATH), followed by the formation of resistance and a retracement down to a key support level. Our trading approach focuses on identifying those critical support and resistance levels, with some interim trades based on shorter-term analysis—occasionally even counter-trend, depending on the day’s market bias.Over the past eight years, BTC has respected a major trend resistance line. The most recent ATH, around $112K, reconfirmed the relevance of this trendline. This makes it a valuable tool for projecting future ATH levels.Looking ahead, I expect a move towards the $115K level in the coming weeks. This would likely act as a point of resistance, at which stage we might see a reversal and a drop back down to a key support zone.Trade SetupThe chart I'm referencing highlights what I would consider the first premium buy zone, identified using a 4-hour Fair Value Gap (FVG).The 50% level of this zone sits at $99,450. If this zone fails to hold, we may drop further to the secondary premium buy zone, which aligns with our higher timeframe (HTF) trend support and a weekly FVG. The 50% level of this deeper zone is around $89,150.A potential long entry at $92,550, with a stop loss around $88,000, offers an excellent risk-to-reward (RR) ratio, targeting a move up to the $115K level.Intraday OutlookFor today, I see bearish price action, with potential rejection around the $104,300–$105,000 range. Go short around the $104,750 to $105,000 zoneThis could lead to a move down toward the lower key zones highlighted in the HTF analysis.I recommend taking partial profits (TP) at every $1,000 increment and setting your stop loss to breakeven (BE) after hitting the first target.Final ThoughtsPrice action analysis is always subjective, so I’d love to hear your thoughts and ideas in the comments—each one, teach one.Thanks for giving me some of your time.From the Phoenix FX team, have a great weekend!