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As Bitcoin (BTC) enters an upward phase, breaking through strong doubts about the market's recovery, investors are targeting $84,000 as the next price goal.
Cryptocurrency specialized media Cointelegraph reported on May 4 (local time) that Bitcoin is on the verge of conquering the $84,000 mark, riding on its recent strong upward trend. After Bitcoin's price broke through the psychological resistance level of $80,000, skepticism among market participants about the sustainability of the current rise persists, but the price is moving upwards. Experts define this phenomenon as a typical rally amidst skepticism and highly evaluate the possibility of further increases.
As Bitcoin surged to $80,631, hitting its highest level in 94 days, market analysts are focusing on whether it will break through the next technical resistance level of $84,000. The strong buying pressure formed in the early $80,000 range is effectively absorbing short-term profit-taking sales, thereby strengthening price support. In particular, large-scale short position liquidations in the futures market are accelerating the upward momentum. Investors expect a full-fledged bull market towards $90,000 to begin if the price successfully crosses $84,000.
Technical indicators suggest that Bitcoin still has ample room for further upside. Key indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) maintain bullish signals, while trading volume is also rising, supporting the rally. While many investors hesitate to buy due to concerns about reaching a peak, accumulation by institutional investors is becoming more sophisticated. The current upward trend could accelerate further until the market's doubt turns into conviction.
This Bitcoin rally is regarded as a case that proves the market's structural strength, going beyond a simple price recovery. $84,000 is a critical watershed that Bitcoin must cross in its journey towards breaking its all-time high. Market participants are monitoring real-time price fluctuations and exchange inflows, continuing strategic responses timed with the breakthrough of $84,000.
*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.*
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