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Home News Crypto

Bitcoin Targets $87K After Double Bottom Breakout; XRP and Dogecoin Bulls Regain Momentum

by Team Lumida
April 10, 2025
in Crypto
Reading Time: 4 mins read
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Bitcoin Could Drop to $50K Before a Potential Fed-Driven Rally

"Bitcoin, bitcoin coin, physical bitcoin, bitcoin photo" by antanacoins is licensed under CC BY-SA 2.0

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Key Takeaways:

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  • Bitcoin (BTC) has confirmed a double bottom breakout on its hourly chart, signaling a potential rally to $87,000.
  • BTC’s price rose past the neckline at $80,800, with current trading at $82,000, supported by a bullish outside day candle on the daily chart.
  • XRP and Dogecoin (DOGE) surged 14.3% and 12.7%, respectively, forming bullish outside day candles, indicating renewed bullish sentiment across the crypto market.
  • These bullish signals could be invalidated if BTC falls below $75,000, a key support level.

What Happened?

Bitcoin’s price action has turned bullish after a prolonged sell-off, with the cryptocurrency forming a double bottom pattern between $74,600 and $80,800. The breakout above the neckline at $80,800 suggests a potential rally to $87,000, based on technical analysis.

The bullish sentiment is further supported by a bullish outside day candle on BTC’s daily chart, which indicates a strong effort by buyers to regain control. As of now, BTC is trading at $82,000, with the next key resistance level at $87,000.

XRP and Dogecoin have also seen significant recoveries, with both cryptocurrencies forming bullish outside day candles. XRP surged 14.3%, while DOGE gained 12.7%, as the broader crypto market responded positively to BTC’s rally.


Why It Matters?

The double bottom breakout and bullish signals in Bitcoin’s price chart suggest a potential reversal in market sentiment, offering hope to traders after a period of extended losses. BTC’s rally has also encouraged risk-taking in the broader crypto market, benefiting altcoins like XRP and DOGE.

However, the bullish case remains fragile, with a renewed move below $75,000 likely to invalidate the positive signals. The market remains sensitive to external factors, including macroeconomic uncertainties and geopolitical developments, such as President Trump’s tariff announcements.


What’s Next?

Bitcoin’s ability to sustain its rally will depend on maintaining support above $75,000 and breaking through resistance at $87,000. Traders will also monitor broader market conditions and sentiment, as well as any potential macroeconomic shocks.

For XRP and DOGE, the bullish momentum could continue in the short term, provided BTC maintains its upward trajectory. However, traders should remain cautious, as the crypto market remains highly volatile and reactive to external events.

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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018