👀 Bitcoin Holds Support – But for How Long? ⏳ (8 Feb 2025)

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Welcome back to

BULL MARKET BYTES

Your byte of cryptocurrency insight where we have increased our cardio workouts . . .

Watching the price of Bitcoin easily does it for us! 😂

Here is what we have for you today!

📊 CRYPTOCURRENCY ANALYSIS

• Market Overview (7-Day) - Top Crypto Gains & Losses!

• Bitcoin Technical Analysis - Will Support Continue to Hold?
  

• What to Anticipate Next - Insight to Keep you One Step Ahead!

📌 BULL MARKET BULLETIN

• Cryptocurrency Headlines - Elon Musk Gets Banned, Trump Pursues Bitcoin Plus ETF, Grayscale Files for Litecoin ETP & more!

MARKET OVERVIEW (7-DAY)

BITCOIN TECHNICAL ANALYSIS

Believe it or not, this is a critical time for Bitcoin’s movement.

Formations and patterns are closing soon!

And with price movement, that leads us in 1 of 2 directions . . .

Up or down!

On top of that, Bitcoin’s movement is being misleading . . .

As we will see in this newsletter, on the daily chart we are bearish - but on the weekly chart we are bullish.

This leads us to the question . . . which chart do we follow?

This feels like a build-up from a Stephen King novel . . . 😂

DON’T WORRY! We are going to answer all of those questions today, but before we dive in - a word from today’s sponsor!

Thank you to 1440 Media for sponsoring today’s newsletter!

Let’s start with an update on Bitcoin’s February percentage.

Last year, February ended with Bitcoin +43.55 - right now we are sitting at -6.10%.

The saying goes, “It’s not how you start, but how you finish”.

However, this start is more painful to watch than my car attempting to start in negative degree weather . . . 😅

As we covered in our last newsletter — read it here — we believe that the initial pullback was a “shake out”.

🤔 What is a shake out? This allows “large capital” buyers to buy at a lower price. Once purchased, a quick increase follows. Litecoin is a perfect example!

Litecoin went from $125 to $82. The next day? $82 to $103! That is a 25.6% increase overnight!

Now back to Bitcoin . . . is this a shake out or do we need to buckle our seatbelts for a crash?

Well, let’s start with Bitcoin daily movement. Byte, take it away, my robot friend.

What does Bitcoin’s daily movement show us? A few things!

1. Support has been broken!

2. The Descending Triangle Formation Continues (Bearish)

3. The Bullish Cup and Handle Formation Could Be Saved

However, there is one thing that still remains in question . . .

Will the 13th of February (vertical gold line) result in bullish or bearish pressure?

Yes, the support has broken — so the date would be irrelevant. Well, let’s take a look at Bitcoin’s weekly movement first.

What you will see will make you question the daily chart . . .

Whenever we look at charting — keep in mind one essential thing — consider different timeframes as they may differ with either a bullish or bearish outlook!

Not only are there daily charts, but there are: minute, hourly, weekly, monthly, and even yearly charts to be reviewed!

Even though the daily chart had a “doomsday vibe”, the weekly chart shows that there is hope!

What are a few things the weekly chart above shows us?

1. Support is Still Holding!

2. The Descending Triangle Formation Continues (Bearish)

3. The Cup and Handle Formation IS Saved

So, how do these compare to the daily chart shown above? Somewhat opposite!

💭 Our Thoughts? The weekly chart provides hope, but we have a VERY tight timeline to keep this momentum!

How tight of a timeline are we talking?

Great question! Check out our “What to Anticipate” section below for more!

🧠 Bullish Fact! Bitcoin has continued to hold the “bullish area” since mid-November of last year!

WHAT TO ANTICIPATE

There are many variables that go into “what to anticipate” - but there is one that is very difficult to foresee . . .

Political News and Releases!

This alone can influence all other variables and cause “outliers”. But hey, it keeps everything interesting!

As we stated in our previous newsletter:

📉 For Bitcoin’s Daily Chart: We did break support which could eventually lead to the “pullback area” referenced above.

There is support around the $94,000 area - but if we don’t reclaim the support line, we will continue towards the final support at $91,247.39.

If this support fails . . . “welcome to the pullback area” may be the next thing that we see.

📈 For Bitcoin’s Weekly Chart: We are still holding support — but as we said earlier — we are on a VERY tight timeline!

⚠️ By the 17th of February, Bitcoin’s price needs to be $96,800 or higher!

The weekly candlestick does begin on Monday, but for a weekly chart we have the entire week for the candlestick to fully form.

If we do not reach this price, we continue a downward trend as the daily chart already shows!

📰 Our Overall Message: Bitcoin’s weekly chart still provides hope to those wanting to see a new all-time high soon!

🧠 Don’t Forget! One timeframe could show bullish pressure while another shows bearish pressure. Incorporate all of them into your analytics!

BULL MARKET BULLETIN 📌

Grayscale Files to List Litecoin Trust as ETP! There is a lot of hype around “Litecoin becoming the 3rd cryptocurrency in history to receive a spot ETF” - and rightfully so! Litecoin is the most used in worldwide transactions and the fees are under 1 penny! Don’t forget - Grayscale’s Litecoin Trust has over $215 million in assets under management! 🤯 Their next move? Turn the Trust into an Exchange-Traded Product (ETP).

The “Hawk Tuah” Girl Speaks After 2 Months! We couldn’t miss covering this for our readers. For those not familiar, Haliey Welch (the girl that said “spit on that thang” 🙄) launched a meme coin and 99% of investors lost their entire holding. Many demand jail time, but she said she was misled. What should be her outcome?

Trump Media Files to Launch Bitcoin Plus ETF! There has been a lot of speculation that 2025 will be the “year of the Bitcoin” and this could be one of those HUGE steps! US President Trump’s company has filed for trademarks to launch a Bitcoin Plus ETF - making him the first US president to do so! 👀 We have one follow-up question . . . will this become a reality?

BONUS: Elon Musk Banned from US Treasury Systems! It appears that Elon was finally shut down as a judge ruled that the Department of Government Efficiency (DOGE) was barred from accessing US Treasury payment systems! Allegedly, this access was used to view illegal government transactions. But at the same time, it gave Elon access to all of his competitor’s information . . . 😬

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