#GateProofOfReservesReport Bitcoin: The Bullish Cup & Handle

Bitcoin is currently caught in a classic Cup and Handle pattern. The "Handle" has been forming just below the $92,400 resistance level.
The Bull Case: A daily close above $92,400 would validate the pattern, likely triggering a push toward $94,870 and eventually the technical target of $106,630.
The Bear Case: Failure to break out could lead to a retest of the 20-day EMA and the psychological $90,000 level. Notably, there is a dense "liquidation zone" for long positions between $89,000 and $90,500.
Ethereum: The Defensive Stand
ETH is showing more vulnerability. It is currently testing a critical on-chain cost concentration zone between $3,090 and $3,110.
Risk: A Head and Shoulders pattern is visible on the daily chart. A breakdown below the $2,880 neckline could trigger a technical decline of roughly 20%.
Support: Bullish divergence in the Money Flow Index (MFI) suggests that institutional or long-term buyers are accumulating on these dips, which may prevent a total breakdown.
Macro & Industry Catalysts
The "Powell Subpoena" Drama: Market sentiment was shaken by reports that Fed Chair Jerome Powell was served with subpoenas amid a DOJ investigation into Fed renovations. While purely political, the controversy has raised questions about central bank independence, briefly boosting Bitcoin’s "safe-haven" narrative before the rally cooled.
MicroStrategy Accumulation: MicroStrategy recently purchased another 13,627 BTC ($1.2 billion), bringing their total holdings to 687,000 BTC. This continues to provide a long-term floor for price action.
Institutional Shift: Standard Chartered is preparing a crypto prime brokerage, signaling that despite short-term volatility, institutional infrastructure continues to expand.
Key Levels to Watch Tonight
BTC Resistance: $92,400 (Breakout point).
ETH Neckline: $2,880 (Risk of 20% drop if broken).
Macro Trigger: U.S. CPI (Forecast: 2.7% YoY). A lower-than-expected number could be the fuel needed for the Bitcoin breakout.