- Bitcoin recovers strength as the US seeks a ceasefire between Ukraine and Russia:

Bitcoin started the week with a significant rally amid efforts by US President Donald Trump to broker a truce between Ukraine and Russia. In recent talks with Ukrainian President Volodymyr Zelensky about a potential peace agreement, Trump indicated that he has made "great progress." However, uncertainty still surrounds the resolution of the border conflict, which could take several more weeks.

The price of Bitcoin rose by over 2% at the time of writing on Monday, surpassing $90,000. This intraday increase suggests the possible emergence of a bullish Marubozu pattern, with bullish traders targeting the 50-day exponential moving average (EMA) at $92,202.

Furthermore, Bitcoin is trading within an symmetrical triangle pattern formed by two converging trendlines on the daily chart. The upper resistance trendline, near the 50-day exponential moving average, connects the highs of November 15 and December 9.

If Bitcoin's price closes decisively above $92,202, it would confirm a breakout from the triangle pattern. In this case, the previous high on November 15 at $96,846 and the 200-day exponential moving average at $101,029 could serve as potential resistance levels.

The Relative Strength Index (RSI) at 53 indicates a bullish trend after crossing above the midline, suggesting increasing buying pressure. Additionally, the Moving Average Convergence Divergence (MACD) approaches the zero line, indicating strengthening bullish momentum.

Daily BTC/USDT price chart.

Looking at the downtrend, if Bitcoin's price falls below the support line near $86,250, it would represent a bearish breakout from the triangle pattern. The lows of November 21 and December 18, at $84,450 and $80,600 respectively, can be considered support levels.