The Bitcoin price fell to $104,150 last night. The price has since recovered somewhat. At the time of writing, the digital currency is trading at $106,000. Despite the sharp declines in recent days, Biraajmaan Tamuly remains bullish on Bitcoin. Based on the charts, he predicts a rise to $118,000.
Bitcoin at $118,000
“Technically, Bitcoin is trading within an ascending triangle, with a breakout pointing to $118,000. The hourly chart shows that resistance is currently pushing the price down, while support lies between $104,000 and $106,000. For buyers, the red zone in the chart below is an interesting point,” Tamuly said.
According to Tamuly, a very strong signal for the price is the divergence between the price and the Relative Strength Index (RSI). As Bitcoin seeks lower lows, we see the RSI rising. According to the analyst, this indicates that the bearish momentum is waning and a possible positive reversal for the price is imminent.
The American market is also bullish
In addition to Tamuly’s chart, the American market is also bullish on Bitcoin. The so-called Coinbase Premium Index (CPI), which measures the price differences of BTC on Coinbase and Binance, is also bullish.
When the price on Coinbase is higher than on Binance, this is referred to as a Coinbase Premium. This typically indicates that the American market is buying, as they are primarily active on Coinbase.
The CPI has recorded a positive streak over the past 20 days, marking the longest streak of 2025.
This makes it clear that American investors at least have confidence in the market. Popular analyst Axel Adler Jr. also reports on X that demand for Bitcoin has remained robust in recent days, even though the price of Bitcoin has fallen somewhat.
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