Bitcoin&#8217;s recent price behavior has been everything the bulls hoped for, and 
that may be precisely the problem. Since bottoming out around $63,000 in early 
April, Bitcoin has posted a sequence of higher highs and higher lows and has 
now reclaimed $80,000. The structure looks bullish. However, technical 
analysis shows that Bitcoin has now entered into deceptive territory. 
Bitcoin’s Uptrend May Be Hiding A Compression Phase Bitcoin&#8217;s price action is 
now forming an interesting but deceptive pattern. The pattern in question is a 
rising wedge that has been forming on Bitcoin&#8217;s daily chart since February. 
The setup was highlighted by crypto analyst Merlijn The Trader, who described 
Bitcoin’s current pattern as “the most deceptive pattern in crypto.” His chart 
places Bitcoin near the upper end of the wedge, with the $84,000 area acting 
as a key rejection zone. Related Reading: XRP’s Current Predicament Is Only 
Temporary; These Factors Will Drive It To $18 A rising wedge is formed when 
price action grinds upward along two converging trendlines, printing higher 
highs and higher lows in a narrowing channel. The pattern resembles an upward 
price trend where the market constantly hits higher levels and never falls 
below prior price lows before bouncing back on the surface. However, a rising 
wedge is known to resolve more bearishly than bullishly. The chart shared by 
Merlijn shows Bitcoin pushing upward inside this structure, with the upper 
wedge boundary sitting around $84,000. That area is the zone where bulls may 
face their biggest test. That makes the next move around the $80,000 to 
$84,000 area very important. A clean move above the upper boundary would 
weaken the bearish wedge argument. A rejection around $84,000, followed by a 
breakdown under $80,000, would open up the path to lower price levels. Bitcoin 
Price Chart. Source: @MerlijnTrader On X Crash Below $60,000? The $80,000 
price level is now carrying both psychological and technical weight. Bitcoin 
recently reclaimed this level for the first time in months, helped by 
improving market sentiment. Merlijn’s chart turns that same level into the 
breakdown trigger. According to the outlook, a break below $80,000 would 
confirm weakness inside the wedge and open the way for a move down to $56,000. 
This does not mean Bitcoin is guaranteed to fall there, but it shows where the 
bearish projection comes from if the wedge resolves to the downside. Related 
Reading: Pundit Predicts When The XRP Price Will Rally To $12 At the time of 
writing, Bitcoin is trading at $80,920 after moving between $79,879 and 
$81,227 over the past 24 hours. This narrow range shows that buyers are still 
active around the $80,000 level, preventing a clean breakdown below the zone 
for now. The price action has also kept Bitcoin from showing any major sign of 
distribution, as support continues to hold near the lower end of the range. 
All that needs to happen now for bullish momentum is a weekly close above 
$84,000. However, a weekly close below $80,000 could shift the setup in favor 
of the bearish path. Featured image created with Dall.E, chart from 
Tradingview.com

Bitcoin Just Entered A Deceptive Territory, Here’s What You Should Know

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Binance founder Zhao Changpeng (CZ) said he prefers investing in the 
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KDDI Corporation, one of Japan’s largest telecommunications companies, 
invested approximately $65 million to acquire a 14.9% stake in Coincheck Group 
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Bitcoin Just Entered A Deceptive Territory, Here’s What You Should Know

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