Bitcoin (BTC) breaks down from bear wedge pattern, target $65635

Bitcoin (BTC) bulls are trying to start a recovery but selling at higher levels continues to disarm each attack of the range highs.

Bitcoin (BTC) broke down from a bear wedge pattern, giving it a target objective of $65,635, veteran trader Peter Brandt said.

"Bitcoin broke down today from a Bear Wedge pattern (1) and is now in a Bear Channel (2). The wedge pattern usually has a 1:8 move from the apex to the breakdown point (3). From the apex to today's low is 760 x 8 = 6,080 (4). Adding that to the breakdown point (5) gives a target objective of $65,635 (6). A 77% decline from the high," Brandt said on X, formerly Twitter.

Bitcoin is currently trading at around $81,000.

The current macroeconomic environment and the fears of a prolonged trade war have created a 40% possibility of a recession in 2025, according to Coin Bureau founder Nic Puckrin.

Puckrin said that a recession and the current macroeconomic uncertainty could put pressure on risky assets such as cryptocurrencies.

"We're in a funny old time right now, aren't we? Because on the one hand, we've got the World Bank cutting its 2024 global economic growth forecast to 2.4% from 2.7% and now seeing a 40% chance of a U.S. recession in 2025 due to sticky inflation and the threat of a prolonged trade war with China. But on the other hand, we've got people making breakfast burritos in the metaverse, which is surely a sign of the apocalypse."

However, not everyone is bearish on Bitcoin in the near term. Analyst Stockmoney Lizards said that Bitcoin's local bottom could be between $82,000 and $80,000. The analyst anticipates Bitcoin to make a reversal next week.

"My view: We're at the final stage of this bear market. Expect Bitcoin to make a reversal next week. Local bottom at $82K-80K. We'll be seeing triple digits again soon enough. Stay tuned!" the analyst said.

Here's a look at the top cryptocurrency movers of the day and what traders are discussing.

Top movers

The cryptocurrency market cap slid 0.3% over the past 24 hours to $1.54 trillion at 07:38 ET (11:38 GMT).

Among the top 10 cryptocurrencies, Toncoin (CRYPTO: TON) had the largest gains over the past 24 hours with a 10.6% increase. At the time of writing, Toncoin was trading at $3.92.

The price of Toncoin (TON) bounced off the moving averages on March 30, indicating a positive sentiment.

The upsloping 20-day EMA ( $3.58) and the RSI in the positive zone indicate advantage to buyers. The bulls will try to strengthen their position by pushing the price above $4.14. If they can pull it off, the TONUSDT pair may start a new upmove to $5 and, after that, to $5.65.

Sellers will have to yank the price below the $3.3 support to seize control. Such a move signals that bears remain sellers on rallies. The pair could plummet to $2.81 and eventually to $2.64.

The pair turned up from the uptrend line, indicating that the bulls are viewing the dips as a buying opportunity. The pair could reach the overhead resistance of $4.14, where the bears are expected to step in. However, if buyers pierce the resistance, the pair could start the next leg of the upmove toward $5.

The bears will be back in the driver’s seat if they sink and sustain the price below the uptrend line. The pair may then drop to $3.28.

Cronos (CRYPTO: CRO) had the largest losses among the top 10 cryptocurrencies with a 2.4% decrease. Cronos is currently trading at $0.104.

Cronos (CRO) broke out of the moving averages on March 24, signaling that the downtrend could have ended.

The CROUSDT pair is facing selling near $0.12, but a positive sign in favor of the bulls is that they have not allowed the price to sustain below the $0.10 support. This suggests that buyers are trying to form a higher low. If the bulls shove the price above $0.12, the pair could rally toward $0.14.

Sellers are likely to have other plans. They will try to sink the price below the moving averages and trap the aggressive bulls.

The pair has been range-bound between $0.