Bitcoin price action showed limited volatility around Tuesday’s Wall Street open, as technical analysis suggested a potential market bottom could form before the end of the month. Analysts using the Wyckoff method indicated that a so-called “spring” event may still lie ahead, with Bitcoin possibly dipping below the $80,000 level before finding stronger support.
Market observers noted that Bitcoin appeared relatively protected from setting new local lows during the current U.S. trading session, although overall volatility for the week remains elevated. Price behavior was described as a “period of anticipation,” with traders waiting for a clearer directional move.
Data from TradingView showed BTC/USD briefly climbing toward $88,300 before pulling back, keeping price action largely rangebound. According to Keith Alan, cofounder of Material Indicators, a new buy signal on the daily chart suggested a high probability that Bitcoin would avoid revisiting the prior day’s lows. He added that maintaining a daily close above the key $87,500 area would be important, warning that repeated wicks below support could signal growing downside risk.
Broader market conditions remained mixed. U.S. equity indices opened slightly higher, while gold showed signs of retesting the $5,000 level as support. As volatility eased across macro assets, on-chain indicators offered cautious optimism for Bitcoin.
Analysts at CryptoQuant said Binance data showed positive daily price momentum of roughly 1.9%, pointing to modest gains from the session open. However, they stressed that the move reflected a corrective phase rather than strong bullish momentum. Order-book data suggested Bitcoin was consolidating, with the market preparing for a larger move rather than entering a breakout or distribution phase.
Wyckoff analysis flags potential “spring” event
According to analysis reported by Cointelegraph, traders are bracing for increased volatility later in the week. Attention is focused on the U.S. Federal Reserve’s upcoming policy decision and guidance from Chair Jerome Powell. Despite political pressure for rate cuts, expectations for an immediate reduction remained below 3%, based on data from the CME Group.
Market commentator MartyParty highlighted that these macro events could align with a key Wyckoff “spring” formation on the Bitcoin chart. Such a move typically marks a long-term swing low and, in this case, could see BTC briefly fall below $80,000 before a potential reversal. He cautioned that traders should expect heightened volatility as the pattern plays out.
