Bitcoin is setting up for another speculative trade.
We’ve traded the King of Cryptocurrencies a couple of times over the past few months. We were buyers of Bitcoin last November. That trade was profitable, with Bitcoin bouncing 12% in just a few days.
We took another bullish trade in early February, as the King of Cryptos tested support near $75,000. Rather than bouncing though, Bitcoin sliced through support.
It has taken about 10 weeks to recover from that decline. Bitcoin is now trading back to where it was in early February. Traders who jumped into it based on our advice can get out now with only a little damage.
But, that’s probably a mistake. Bitcoin now looks set up for another bullish move.
Take a look at this chart…
Bitcoin is currently bumping into resistance near the $75,000 level. This is the second test of that resistance in about a month. The first attempt, in mid-March, was turned back. Bitcoin reversed and dipped back down to retest its recent lows.
For the past three weeks, though, Bitcoin has been quietly pressing higher. It is approaching resistance again. And, with this being the second attempt, the odds of a breakout are higher. A sustained move above $75,000 could lead to an immediate rally towards $85,000.
In fact, the current setup looks quite similar to how Bitcoin traded this time last year. Bitcoin started rallying in early April 2025. That rally was strong enough to pull the various moving averages (the squiggly, colored lines on the chart) into a bullish configuration – with the 9-day EMA above the 20-day EMA, and the 20-day EMA above the 50-day MA. And, when Bitcoin broke above the resistance line at $85,000 it experienced a straight shot higher to the next resistance at $95,000.
A similar move this year would push bitcoin back up towards $85,000 over the next few weeks.
So, if you bought the King of Cryptocurrencies based on our suggestion in February, you ought to hang on a bit longer and see how this plays out.
Traders who haven’t bought Bitcoin yet should consider buying it on any weakness over the next few days.
Best regards and good trading,
Jeff Clark
Editor, Market Minute
P.S. If you want to see how to play this move for greater potential gains with less risk than by buying the stock, check out Jeff Clark Trader right here.