Bitcoin’s price is back in the spotlight after jumping above $83,780, triggering optimism about a potential trend reversal. Among the notable voices weighing in is John Bollinger, inventor of the Bollinger Bands, who flagged a possible “W-bottom” structure forming on the BTC weekly chart.

“Classic Bollinger Band W bottom setting up in $BTCUSD. Still needs confirmation,” Bollinger noted on April 10 via TradingView.

This bullish pattern appears after BTC dipped below the lower band and recovered above $70K support. To validate the pattern, Bitcoin needs to close above the 20-week simple moving average — roughly $84,000.

Global Sentiment: Stocks Still Driving BTC Direction

Despite the technical signals, Bitcoin remains tied to macro trends. Analysts note that Bitcoin is still following the direction of the Nasdaq and S&P 500, which have recently experienced high volatility.

Jurrien Timmer of Fidelity suggests the equities market could be bottoming out, while economist Timothy Peterson warns BTC could lag the recovery—stating that historically, Bitcoin reacts more slowly during rebounds.

BTC’s Key Support Holds — But $84K Resistance Looms

Bitcoin’s bounce from the $70K zone is noteworthy, especially since it aligns with Peterson’s price floor model. Yet broader market pressure has introduced doubt about how long that floor will hold.

So far, BTC has broken above the $83,560 resistance, building a bullish case:

• Active price: $83,780
  
• Supports: $80,920 (50 EMA), $77,800
  
• RSI: 62 (room to grow)
  
• Next resistance levels: $86,400 and $88,600
  
• Breakout target: $91,000, contingent on a close above $84,000
  

A confirmed move above $84K would validate the W-pattern and potentially set up a multi-leg rally.

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