Bitcoin, This Time It's Really on the Verge of Breaking $80,000...Breaking Resistance and Targeting $85,000

▲ Bitcoin (BTC)

Bitcoin (BTC) is drawing a steep upward curve, on the verge of breaking the psychological resistance level of $80,000. Strong buying pressure is flowing in, driving the overall bullish sentiment in the market.

According to crypto media outlet NewsBTC on April 27 (local time), Bitcoin recently broke through $75,000 and $76,500 in succession, entering a full-fledged uptrend. Analyst Aayush Jindal analyzed that Bitcoin is maintaining a stable trend above $76,850 and the 100-hour simple moving average. Bitcoin's price has now surpassed its previous high of $78,369 and is targeting the $80,000 mark. With concentrated buying power, downward rigidity is stronger than ever.

Technical indicators, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), also confirmed bullish signals. The MACD accelerated in the bullish zone, indicating further upside potential. The RSI also drew a gentle upward curve above the 50-line, proving the dominance of buying forces. On the 4-hour chart, a solid bullish trend line formed around the $76,000 mark. The harmony of these indicators adds credibility to Bitcoin's upward rally.

Bitcoin is currently facing resistance around $79,200. The first major hurdle is the $80,000 level. If Bitcoin clearly breaks through and settles above $80,000, the next target price is expected to be $81,250. Analysis suggests that if the uptrend continues, a steep rally could extend to $85,000, which is the Fibonacci 161.8% extension level. As resistance supply thins out, there is a high possibility of a sharp surge accompanied by steep volatility upon breakthrough.

The downside support level was initially formed around $76,500. A stronger support level is near $76,000, where the trend line is located. Even if the price falls, buying pressure is expected to flow in around $74,000, effectively defending against downward pressure. $74,000 is considered a key defense line to maintain this upward rally. Given the current accumulation fervor, the focus is more on an upside breakout than a support line collapse.

Whether Bitcoin breaks $80,000 is the biggest point of interest determining the market's direction this week. Expectations for regulatory easing and an influx of institutional investor funds are fueling the upward momentum. Bitcoin has strengthened its position as a store of value and entered a new price discovery phase. Market participants are focusing on the scenario of a large-scale bull market that will unfold after conquering the symbolic $80,000 mark.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*