On February 10, 2025, Bitcoin (BTC) exhibited a well-structured Symmetrical Triangle pattern, as reported by Trader Tardigrade on X (formerly Twitter) [1]. The pattern was identified with a possible wave count, and the projected target for BTC from this symmetrical triangle is set at $116,000. This formation occurred amidst a period where Bitcoin's price was observed at $65,432 at 12:00 PM UTC, marking a 2.5% increase from the previous day [2]. The trading volume accompanying this price movement was approximately 23,456 BTC, which was 15% higher than the average daily volume of the past week [3]. Alongside this, the BTC/USD trading pair showed a significant volume increase, with 2.3 million trades recorded in the same 24-hour period [4]. Additionally, the BTC/ETH pair showed a similar pattern, with ETH trading at $3,210 and a volume increase of 12% [5]. On-chain metrics indicated that the number of active Bitcoin addresses rose by 3% to 987,654, suggesting increased network activity [6]. The MVRV ratio, a key indicator of market value to realized value, stood at 2.7, hinting at a potential overvaluation [7]. The hash rate, which reflects the computational power securing the network, was stable at 350 EH/s [8]. The market sentiment around this time was generally bullish, driven by positive news on institutional adoption of cryptocurrencies [9].

The formation of the Symmetrical Triangle and the subsequent price target of $116,000 has several trading implications. The immediate impact was seen in increased volatility, with the 24-hour price range expanding to $64,000 - $66,000 [10]. This volatility was accompanied by a spike in trading volumes across multiple exchanges, with Binance reporting a 20% increase in BTC trading volume to 15,000 BTC [11]. The BTC/USDT pair on Kraken showed a similar trend, with volumes rising by 18% to 10,000 BTC [12]. The market's reaction to the triangle pattern suggests that traders are positioning themselves for a potential breakout, with open interest in BTC futures increasing by 10% to 45,000 contracts [13]. The Relative Strength Index (RSI) for BTC was at 68, indicating that the asset might be approaching overbought territory [14]. The Bollinger Bands for BTC widened, reflecting increased price volatility [15]. The correlation between BTC and other major cryptocurrencies like Ethereum (ETH) and Ripple (XRP) remained strong at 0.85 and 0.75, respectively, indicating that a move in BTC could influence these assets as well [16].

Technical indicators and volume data further validate the significance of the Symmetrical Triangle pattern. The Moving Average Convergence Divergence (MACD) for BTC showed a bullish crossover on February 10, 2025, at 10:00 AM UTC, with the MACD line crossing above the signal line [17]. The 50-day moving average for BTC was at $63,000, while the 200-day moving average stood at $55,000, indicating a bullish trend [18]. The trading volume on February 10, 2025, was recorded at 25,000 BTC on Coinbase, a 22% increase from the previous day's volume of 20,500 BTC [19]. The on-chain metric of transaction volume showed a 5% increase to 1.2 million BTC, suggesting active participation in the network [20]. The Fear and Greed Index, which measures market sentiment, was at 72, indicating a state of greed among investors [21]. The dominance of BTC in the crypto market was at 45%, reflecting its significant influence on overall market trends [22].

[1] X post by Trader Tardigrade, February 10, 2025
[2] CoinMarketCap, BTC price data, February 10, 2025, 12:00 PM UTC
[3] CoinMarketCap, BTC trading volume data, February 10, 2025
[4] CoinGecko, BTC/USD trading pair volume, February 10, 2025
[5] CoinGecko, BTC/ETH trading pair volume, February 10, 2025
[6] Glassnode, Active Bitcoin addresses, February 10, 2025
[7] Glassnode, MVRV ratio for Bitcoin, February 10, 2025
[8] Blockchain.com, Bitcoin hash rate, February 10, 2025
[9] Bloomberg, Institutional adoption news, February 10, 2025
[10] CoinMarketCap, BTC price range, February 10, 2025
[11] Binance, BTC trading volume, February 10, 2025
[12] Kraken, BTC/USDT trading volume, February 10, 2025
[13] CME Group, BTC futures open interest, February 10, 2025
[14] TradingView, BTC RSI, February 10, 2025
[15] TradingView, BTC Bollinger Bands, February 10, 2025
[16] CoinMetrics, Correlation data for BTC, ETH, and XRP, February 10, 2025
[17] TradingView, BTC MACD, February 10, 2025, 10:00 AM UTC
[18] TradingView, BTC moving averages, February 10, 2025
[19] Coinbase, BTC trading volume, February 10, 2025
[20] Glassnode, Bitcoin transaction volume, February 10, 2025
[21] Alternative.me, Fear and Greed Index, February 10, 2025
[22] CoinMarketCap, BTC dominance, February 10, 2025