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July 19, 2024
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Bitcoin Price Enters Pivotal Zone; Can the Bulls Trigger a Bullish Breakout to Reach $80,000?

The post Bitcoin Price Enters Pivotal Zone; Can the Bulls Trigger a Bullish Breakout to Reach $80,000? appeared first on Coinpedia Fintech News

In an interesting move, Bitcoin revived a fresh upswing and is trying hard to breach above pivotal resistance levels. Now that the Bitcoin halving is just 25 days away, the markets are about to become more volatile. As a result, the BTC price is expected to break through the crucial levels, indicating the bulls are gearing up for a magnificent run. 

The BTC price in the short term has undergone an A-B-C correction and is now consolidating in a very narrow range. However, in the longer time frame, the price appears to be extremely bullish, as it is about to break above the crucial resistance levels. With this, the possibility of a larger run may become imminent as the resistance could transform into strong support levels, which may lead the price towards $80,000 in the next few days. 

The BTC price in its weekly chart has soared above the crucial support zone between $60,312 and $64,385. With this, the price is testing the ascending trend line, which has been acting as a strong support since the beginning. The 2022 bear market has dragged the levels below support, but the recent price action has risen to transform back into major support. The RSI is also backing the bullish claim, which suggests the price is due for a major price action. 

How high may the BTC price reach within the current bullish cycle?

After marking the new yearly highs above $73,500, the bears began to intensify their action. However, the bulls managed to defend the lower support zone, which resulted in a bullish rebound back above $70,000. Maintaining a similar trend, the Bitcoin price is believed to surpass the previous highs and mark a new ATH close to $76,000. However, the depleting volume may raise some concerns but the technicals continue to remain bullish, which keeps up the momentum of the rally. 

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