Key factors:
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Bitcoin is trying a help retest that appears similar to late 2024, dealer Galaxy notes.
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Final time, BTC worth motion went from $70,000 to $108,000 after a profitable retest.
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Separate evaluation doesn’t see a return to latest swing lows.
Bitcoin (BTC) worth motion could open up a recent 50% surge if a key help line holds.
New evaluation from fashionable dealer Galaxy revealed on X Thursday sees BTC/USD repeating its late 2024 breakout.
Bitcoin in “fascinating spot” throughout help retest
Bitcoin worth comparisons maintain coming as market members see similarities between present market construction and earlier within the bull run.
For Galaxy, emphasis is now on the strikes that led to BTC/USD breaking previous all-time highs of $73,800 in November 2024.
Then, as now, the pair labored on retesting a resistance trendline as help after initially breaking by way of it. When it succeeded, worth discovery started.
“$BTC in an fascinating spot,” Galaxy informed X followers.
“Final time it appeared like this it was earlier than the run from $70k to $100k.”
The scenario in August 2025 is just not similar. The trendline is now ascending, not descending, whereas exterior components similar to macroeconomic headwinds within the type of US commerce tariffs proceed to sway risk-asset appetites.
As Cointelegraph reported, nevertheless, the consensus is that BTC worth will in the end select a route after weeks of decreased volatility.
No new BTC worth lows?
Relating to historic worth comparisons, there may very well be extra excellent news for bulls.
Associated: Bitcoin provide shock to ‘uncork’ BTC worth as OTC desks run dry
Evaluation has already dismissed the concept that Bitcoin may find yourself copying its conduct from the beginning of the 12 months, when all-time highs sparked a 30% worth rout.
As an alternative, that $109,300 peak, which got here in January, is on the radar as final help.
In one other commentary this month, Galaxy noticed a sample taking part in out involving swing lows, the most recent of which got here on Aug. 1, when BTC/USD briefly fell under $112,000.
When swing lows appeared in April and June, each events fashioned a backside that was not revisited.
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.
